Estate Planning - The use of Trusts
Posted on 9th April 2020 at 13:01
Sound solutions should be sought and put in place a Basic Will being the prerequisite and further options considered for more complex estates.
Your family will keep control of the assets, providing protection from hostile predators, protection for your beneficiaries, children and future generations.
This type of Trust will protect your assets in “the Trust” after your demise for up to 125 years. Your Executors/Trustees will be able to retain the assets in the Trust. They are ring fenced in the Trust from third parties who may consider they have a claim on the Estate.
Your Trustees will always have the freedom to administer the assets as they feel is appropriate. The Trust will not compromise them releasing any funds or assets at their discretion.
With families and relationships being less conventional today the use of such a Trust can be reassuring and important to ensure your assets are safe guarded for your chosen beneficiaries and family.
Property Protection Trusts:
These Trusts are typically used for unencumbered residential homes. Investment properties can also be put into such a scheme. One retains the lifetime right to reside in the Trust with the Trustees and beneficiaries being the ultimate beneficiaries. It should be noted that these Trusts are subject to the seven year sliding scale rule for inheritance Tax.
Trusts for Vulnerable Beneficiary:
Details are available upon request.
There are a raft of solutions and information available for each unique circumstance. Can you defer making sure you have the right Estate Planning in place to protect your families and asset distribution in the future?
For a free financial and personal review of your Estate contact Caroline J Maguire, Financial and Trust Consultant on 07950 622375 or via email at email@example.com
Next time I’ll cover the use and benefits of Lasting Powers of Attorney documents.
Tagged as: Estate Planning, Trusts
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