What do you mean by “tax efficient”?
Income tax / Capital gains tax / Inheritance tax ?
Trusts have to pay income tax / Capital gains tax at different rates and different time scales.
By putting your assets in the more common “discretionary Trust” you no longer own them and (you and your spouse) should not benefit from the assets. Your spouse can be a beneficiary after your death.
Thereare other trusts where capital is no longer yours but the interest/income can be yours but you need to be careful not to breach HMRC rules.
First you should make sure that you do not need the capital or income transferred in to the trust for the rest of your life.
Most couples write mirror wills leaving every thing to the surviving spouse. When the surviving spouse dies the assets will be referred to as estate of the deceased and will be assessed for Inheritance tax.
A couple get 2x325000 before Inheritance Tax kicks in at 40%. The rest of the estate will be dispersed as per your will by the executor of the will.
You can only put £330,000 in to a discretionary trust and has to survive 7 years to get IHT relief.
It all depends on your total assets and potential IHT bill; your attitudes to Tax and more important disowning your assets by putting them in a trust.
Advice from specialist solicitor and accountant is expensive but essential as the trust documents have to be worded correctly with legal jargon for the trust to withstand scrutiny by HMRC on your death.