Trusts
Safeguard your property and assets with a trust
Our trust service ensures that your home and assets are protected from potential pitfalls such as remarriage and other risks that could see your assets being lost to the people you want to inherit them.
A trust is an arrangement that allows the trustees, to safeguard assets on behalf of your beneficiary or beneficiaries. There are different types of trusts that can be set up in different ways where you can specify exactly how and when the assets pass to your beneficiaries.
Assets can include things like: Your home, cash, investments, personal possessions, and Life Assurance etc. Trusts usually avoid probate, your beneficiaries can usually gain access to assets more quickly than they might through a will, saving time, legal fees, and potentially reducing tax.
Protecting your home with a property trust
Most people work hard to own their own property and want to ensure that it passes to their loved ones when they pass away. However, certain events can prevent this from happening.
Why do you need a trust?
If you’re concerned about protecting your home and assets for future generations, a trust is an essential consideration. A trust can safeguard your property and assets from potential pitfalls such as remarriage, and other risks that could see your assets being lost to the people you want to inherit them. Our trust service provides you with a tailored solution to ensure that your wishes are respected.
Remarriage
If the surviving spouse or partner remarries and then dies before the new spouse, everything may pass to the new spouse, disinheriting your children or loved ones.
Joint property ownership
If the surviving spouse or partner owns a property jointly with a new spouse or partner and dies first, the property may pass automatically to the new spouse or partner, disinheriting your children or loved ones.
The solution: Property trust
To avoid these potential pitfalls, you can own the property as tenants in common instead of joint tenants, and draft a Property Trust into your Wills. On first death, the deceased’s share is placed into the Trust instead of passing to the survivor.
The property trust provides several benefits, including:
• Ensuring that your children or loved ones still receive the first deceased person’s share of the property without disadvantaging the surviving spouse or partner
• Protecting the property from passing to a future spouse or partner before or after your death
• Preventing any claim on your estate under the Inheritance (Provision for Family and Dependants) Act 1975
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The Asset Protection Trust (Home Protection Scheme)
The Home Protection Scheme is a trust set up during your lifetime, separate from your Will. It involves transferring 10% of your home into a trust, giving you the guaranteed benefit of knowing that whatever happens to you in the future, the full value of your home will pass to your beneficiaries.
How it works
You set up the trust, giving yourself a ‘life interest’ in the property, so that you may continue to live in the property for the rest of your life, or until you decide not to live there anymore.
The benefits
The Asset Protection Trust provides several benefits, including:
• Ensuring that your home will pass to the individuals that you choose to benefit upon your death or sooner if you wish
• Enabling your home to be held for individuals that cannot hold it for themselves, such as children or disabled persons
• Preventing any claim on your estate under the Inheritance (Provision for Family and Dependants) Act 1975
• Protecting the property from passing to a future spouse or partner before or after your death
• Protecting your home from spendthrifts, creditors, and bankruptcy