Trusts

Creating a trust can offer further benefits after peace of mind by protecting your assets, which may include the family home, other possessions and money. A trust can ensure that your assets benefit and protect vulnerable people you care about and although it is not always necessary, it can offer a significant advantage for some people.

Trustees are appointed to be responsible for the safe distribution of the assets in a trust. You can decide who will have the responsibility for administering the trust or you can appoint professional trustees if you are uncertain of identifying suitable trustees.

It is always wise to include the selection of back up trustees to guarantee the availability of administrators of the trust.

You can create a trust in your will which is effective when the time comes or you may require a trust to be set up in your lifetime ( a lifetime settlement).

There are several types of trusts which can be considered, depending upon what you require the assets to be used for.

A WILL TRUST OFFERS AN ARRAY OF BENEFITS

• Ensure the preservation and protection of assets for future generations
• Potentially reduce the impact of care fees
• Allow for tax planning and reducing Inheritance Tax
• Provide flexibility with regard to the allocation of your future assets
• Provide for children under the age of 18
• Allocate assets for children from previous relationships
• Provide for a disabled family member, without affecting their entitlements to benefits
• Help protect inheritance from bankruptcy, vulnerable young people ( spendthrifts) and claims in the divorce courts

Fees

The costs of creating will trusts vary according to their type to suit your circumstances and requirements. Do remember that the cost is usually far outweighed by the advantages a trust can offer.

Why not get in touch with Lisa for a FREE no obligation chat about how creating a Trust may work for you?