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Estate Planning & Trusts

A Will documents how you wish your assets to be distributed after you pass. A Trust protects your assets while you are still alive in order for your loved ones to benefit from them later.

For example a Family Trust is a legal document which offers a greater level of protection for to assets, it can reduce Inheritance Tax, offer protection from relationship break down, and can be used to protect your family’s wealth for generations to come.

The most common way for property to be owned is as Joint Tenants. This means the property is 100% owned by both partners and this can have significant detrimental impacts on the estate. A Will Trust allows the owners of a property to separate their share, usually 50% each. In the event of the first passing the first share of the property is held in trust, allowing the surviving partner to remain in control of the property while safeguarding the family asset.

Throughout your life you will accumulate assets such as the family home, pensions and savings. Your Will only comes into force after you pass and provides no protection for your assets while you are alive. A Family asset trust is specifically designed to protect your assets while you are alive and provides peace of mind knowing they can be passed on for generations to come.

Ask our friendly advisors if this is a solution you may benefit from depending on your own unique circumstances.

Trusts not only protect from disinheritance and help with inheritance tax planning they can also offer protection from bankruptcy, help to provide for benefit dependant beneficiaries and provide protection for vulnerable beneficiaries.

If a beneficiary to your estate was to pass away after receiving their inheritance a Trust can stipulate where the assets should then go. A trust would help to keep the assets in the family blood line and prevent disinheritance.

If you were to find yourself in a situation where care is required, Local Authorities have the powers to strip your assets down to just £14,250. If your estate is worth £300,000, they could reduce your family’s inheritance by £285,750.

Family Asset Trust: Case Study

John and Anne have worked hard all their lives, they have a property valued at £300,000, savings of £100,000 and various other investments worth £50,000. They wrote a will leaving everything to their daughter, Kate, and hoped it would provide financial stability for her in the years after their deaths.

However, shortly after Kate inherits £450,000 from her parents’ estate her marriage is dissolved and £225,000 of Kate’s inheritance is now with John and Anne's ex-son-in-law.

If John and Anne had placed their assets in a Family Asset Trust and named Kate as the beneficiary, then Kate would have retained all the assets in the trust. Her ex-husband would have no stake or claim to the inheritance.

Will Trust: Case Study

Gareth and Margaret have been together over 30 years, they worked hard to pay off their mortgage and have decided that the property should go to their son Tony when they die.

Unfortunately, after Margaret's passing, Gareth develops dementia and after being cared for by his family it reaches the stage where they are unable to cope with his needs. Gareth is reluctantly placed into a care facility. As the property, which is valued at £250 000, is owned jointly, the local authority uses the full value of the property to pay for his care. Currently legislation allows the family to retain just £14,250. In this case Tony's inheritance was reduced by £235,750.

Had Gareth and Margaret protected their property with a Will Trust only Gareth's half of the property could be used to fund his care. Margaret's half of the property would remain intact, and Tony's inheritance would be increased by £125,000.

Safe and secure futures for our clients and their families. Protected.

As the population grows older, with more people than ever living in to their 70,80 and 90’s, the amount of people receiving care as dramatically increased. Age UK currently estimates there are 940,000 people in the UK suffering from Dementia.

Family assets trusts are specifically designed to protect your assets for your spouse or partner, your children and anybody else you would wish to leave assets to. In addition to providing Asset Protection, they can also remove the need for the estate to be passed through probate, this can save years of delays and thousands in solicitors fees.