Navigation

  • Basic Wills from £125.00
    Basic Wills from £125.00
    Without a valid Last Will and Testament any assets you leave on death will be distributed according to the Rules of Intestacy. These rules lay down a rigid method of estate distribution and make no account of your wishes. Click the image to read more...
  • We realise that most people haven’t experienced probate before. Probate is the administration of a deceased’s Estate by the appointed “executors” in the Will, usually family members. At an already difficult and emotional time, the complexities of executing a Will and establishing any appropriate Trusts can be an arduous task. Click the image to the left to read more...
  • Inheritance Tax is simply a tax on money or possessions you leave behind when you pass on.It can also apply to some “gifts” you make during your lifetime. It is therefore vital that you receive professional Inheritance Tax Advice on your position to minimise the impact and tax paid should the worst happen, ensuring that your loved ones receive as much of your money as possible. Click the image to the left to read more...
  • Without a valid Last Will and Testament any assets you leave on death will be distributed according to the Rules of Intestacy. These rules lay down a rigid method of estate distribution and make no account of your wishes, unless you write a will. Click the image to the left to read more...
  • Lasting Powers of Attorney from £150
    Lasting Powers of Attorney from £150
    Often serious illness or accidents strike without warning. Last year, for example, approximately 130000 people suffered strokes. Without a Lasting Power of Attorney being available this is when it becomes difficult... Click the image to the left to read more...

Trusts

By on November 10, 2017 in Advice Articles, Will Writing

So what Trusts can I use to protect my assets on death?

There are several types of Trusts you can put in your Will to ensure your assets at death will reach your chosen beneficiaries.

Firstly there is a Property Protection Trust which can provide a protective shelter for the value of your home allowing your partner or spouse to remain in occupation rent free for the rest of their life after which it is passed on to your chosen beneficiaries. This is especially useful where property is owned as ‘Tenants in Common’ and the two halves are bequeathed to different beneficiaries following ,say, second marriages.

Then there is an Asset Protection Trust which is where all of the deceased person’s assets do not pass automatically to the surviving spouse or partner but are placed in a Trust where any income earned on the investment of those assets is paid to the survivor for life. The capital is retained for the named beneficiaries and cannot be used if the survivor chooses to remarry or change their Will

A further alternative is to introduce a Discretionary Trust into your Will which can also provide protection of your assets but can make discretionary payments to named beneficiaries who are undergoing difficult circumstances such as divorce, bankruptcy etc. It can also be used for persons who do not have the mental capacity to look after money. With such Trusts care must be exercised over the choice of Trustees.

There are then various other alternative forms of Will Trusts such as a Spousal Bypass Trust, A Revocable Life Interest Trust, a Business Trust all designed for different sets of circumstances but ensuring assets at death are protected and eventually reach the persons you want to benefit.

, , ,