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For the purposes of making a Will, Trusts are usually set up for one of the following reasons:
- To hold assets on behalf of a child until they reach the age of 18. Doing so allows for the property or money to be properly managed until the children are old enough legally to take possession of it. Some types of trust allow the beneficiary to receive an income from the property.
- To make sure that a family member or friend with a learning difficulty will get the financial support and protection they need after your death
- To reduce the Inheritance Tax liability. Putting assets into Trusts can in some cases reduce or even eliminate the inheritance tax liability for that asset; it can also help to keep the value of the estate within the nil-rate band.
- To provide for your spouse while keeping the estate intact to be passed to your children.
- To protect the family home from being sold in order to pay for residential care.
For advice on how Trusts could work in your specific circumstances, you should talk to us on 01925 859623.
Family Asset Protection Trust
Place your home and other assets in trust, whilst you are alive. After your death, the trust passes to your living beneficiaries.
Protect half of your house in the event it is sold to pay for care home fees, and allows for your spouse to live in the property after you’re gone.
Allows for children from previous relationships to be financially supported until inheritance age.
Can be used if a beneficiary is deemed likely to squander their inheritance