Dudley Building Society launches trust guide to help families plan for the future
The new Trust Savings Guide has been created as a practical resource for customers who may have heard of trusts but are unsure whether they are relevant to them.
Dudley Building Society has launched a new educational guide designed to help more people understand trusts.
The new Trust Savings Guide has been created as a practical resource for customers who may have heard of trusts but are unsure whether they are relevant to them.
The guide aims to explain the different types of trusts, how trust savings accounts work, when they may be suitable and the steps involved in opening an account with the society.
The guide forms part of Dudley Building Society’s wider strategy to make specialist savings products more accessible by removing unnecessary complexity and giving customers informed conversations about their options.
It will be available both online and in branches, where colleagues can use it to support discussions with customers considering trusts as part of their wider financial planning.
The society said that although trusts are often associated with wealthy individuals or complicated legal arrangements, they can be used in many everyday situations.
These include helping children or grandchildren financially, supporting vulnerable family members, protecting family assets, managing compensation payments or planning how wealth is passed between generations.
Simon Dodd, head of products and marketing at Dudley Building Society, said: “One of the biggest misconceptions about trusts is that they’re only relevant if you’ve built up significant wealth.
“However, many people reach a point where they simply want greater certainty over what happens to their savings, whether that’s helping grandchildren, supporting someone who can’t manage money themselves or making family arrangements a little clearer.
“Too often, people don’t explore trusts because the language feels intimidating before they’ve even had the chance to understand the basics. We wanted to change that.
“Rather than asking people to work their way through technical guidance, we’ve created something that starts with the questions customers actually ask and explains the answers in an easy to digest way.
“Better understanding leads to better conversations, and better conversations help people make decisions that are right for their own circumstances.”
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