A Trust is a legal document that helps individuals hold assets for the benefit of others.
Assets not protected by a Trust can be depleted by creditors, care fees, divorce settlements, Inheritance Tax bills or even sideways disinheritance.
Will Trusts
A Living Trust is created during your lifetime, whereas a Will Trust is created in your Will and comes into effect on death. Proper Trust planning can ensure that your bloodline will benefit completely from your estate for generations to come.
By making a Will, our clients ensure that their assets pass to their loved ones when they die. But what if they have to pay for Care before they die? And what happens when their assets form part of their beneficiaries’ estates? Will these assets be protected against divorce, debts and many other threats then?
“I want to make sure my assets remain with my children, grandchildren and great grandchildren”.
Property Protection Will Trusts
As parents, many of us hope to pass on the family home to our children, but this could all be a pipedream if we do not act early and plan ahead. Property Protection Trusts in Wills are designed to protect the family home after first death so it cannot be used to pay for care fees or be at risk of the surviving spouse getting remarried.
The surviving spouse retains the use of the property during their lifetime and when they die, the beneficiaries become completely entitled to the property. Only the surviving spouse’s share can be assessed for care fees if they required care in their lifetime.
Disabled Will Trusts
Disabled Trusts can be set up in a Will for the benefit of a disabled person or someone mentally incapable of managing their own affairs, should parents/legal guardians pass away. They ensure that the money helps the disabled beneficiary pay for the care and living costs they require, without affecting any means tested benefits they are already receiving.
Probate Trusts
A Probate Trust can be created during your lifetime rather than in your Will, so you can protect assets like the family home against Care fees or future divorce settlements before you die. It can, in certain circumstances, also allow your loved ones to avoid probate delays, meaning that they have access to the trust’s assets when they are most needed.
Contact us today to protect your assets and your bloodline.