Choosing the Right Trust For Your Family’s Future with Andrea McNamara

In this episode, Marc Westlake is joined once again by Andrea McNamara, Director of Private Client Law at EY Law Ireland, for a deep dive into the world of trusts in Ireland. They explore when and why trusts are used, the differences between discretionary, bare, fixed, and life interest trusts, and the common misconceptions that can lead families astray.Andrea explains how trusts can be vital tools for protecting young children, providing for loved ones with additional needs, and ensuring smoother, more flexible estate planning. Marc and Andrea also discuss the pitfalls of outdated trust structures, the tax implications families need to be aware of, and the importance of tailored advice based on individual circumstances.Whether you're thinking about your will, planning for your family's future, or simply want to understand how trusts really work in Ireland, this conversation offers clear, practical insights to help you make more informed decisions.Main Topics:The Role of Trusts in Modern Estate Planning: Why Irish trust law is outdated, and how trusts are still critical tools for protecting beneficiaries and managing estates flexibly.Discretionary Trusts and Their Practical Uses: Protecting young children, vulnerable beneficiaries, and enabling post-death tax planning through discretionary structures.Bare Trusts and the Risks of Early Access: How bare trusts are often created unintentionally (e.g., saving for minors) and why parents need to plan for children gaining control at 18.Fixed Trusts: Pitfalls and Tax Inefficiencies: Why fixed trusts can lead to rigid outcomes and higher tax bills, and why they're generally unsuitable for young beneficiaries.Life Interest Trusts for Second Marriages and Family Homes: Structuring inheritances for blended families, protecting a surviving spouse, and using life interest trusts for tax-efficient property planning.EY Law is independent of Everlake and the views and opinions expressed by EY Law are not necessarily the views and opinions of Everlake.---Thanks so much for listening to this episode of the Everlake podcast!If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation. If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.LinkedIn || YouTube || X (Twitter) || BlueskyThis podcast is intended for information and educational purposes only and does not represent a specific recommendation or advice for an individual to follow. Speak to your financial adviser, in the context of your own personal circumstances, prior to making any financial or investment decisions.This podcast uses the following third-party services for analysis: OP3 - https://op3.dev/privacy

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