Property, investments, savings and valuable items such as antiques and paintings can all be passed into the ownership of family trust for the benefit or your spouse, children, and grandchildren.
You will still retain control over the assets as a principal beneficiary, and income from the trust can be paid directly into your bank account to top-up money from earnings or pensions.
There are numerous ways the value of your assets can be diminished over time, and a family trust is a cost-effective way of preventing this from happening.
If you suffer a large financial loss or run into debt, a family trust can protect your property and other assets from being claimed by your creditors. A family trust can even protect your estate in bankruptcy, as long as the trust is written far enough in advance.
A family trust can protect your children’s inheritance if you remarry or enter into a new long-term relationship, and the ties subsequently break down.
You can ensure that assets passed to your own children pass directly to your grandchildren on your child’s death. This prevents your wealth being transferred to a son-in-law or daughter-in-law, who if they remarried, could disinherit your bloodline.
Probate is required on all estates with assets over £5000. It can take up to 6-months to manage probate if you have a will — and if you do not have a will — it can take up to 2-years. However, property and assets owned by a family trust are not subject to probate and can be distributed straight after death while relieving you of debilitating probate costs.
You can lock away funds in a family trust to help with schooling, university fees, or even provide a deposit to help your children get on the property ladder in the future. Assets can be added to trust and made available to your children a certain age, usually 21-years old — and if you and your spouse died while your children were minors, an executor could administer the trust on their behalf.
Inheritance tax can be minimised for future generations if you place your assets into a family trust.
If you lose mental capacity and are no longer able to make important decisions, the assets in your trust can be managed by a trustee on your behalf.
Assets can be moved back and forth from the trust as needed to help maintain the quality of your life.
Creating a family trust doesn’t need to be a complicated exercise. We can assess your personal circumstances and make appropriate recommendations to provide the best protection. Call us on 01273 385833 to learn more.
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I have recently made my will with Brighton Wills and Trusts. From my first enquiry to the signing of my will, Jane has been professional. helpful but most of all, totally approachable.I knew roughly what I wanted to do with my property and belong…
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Few days later I received my Will copy!…
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Passing without a will in place could leave your loved ones facing financial hardship, unbearable pressure and mounting legal fees at a time of mourning. A will helps protect your assets and relieves the debilitating worry your family could face.
Did you know that over 850,000 people in the UK are affected by dementia? Loss of mental capacity could leave you unable to access your bank account, pay your bills and maintain your home unless you have prepared a lasting power of attorney.
Probate can often seem overwhelming so close to bereavement, and the process can appear confusing, time-consuming and complicated. We can apply for a grant of probate on your behalf and administer the probate forms to relieve the pressure.
A £4000 funeral today might cost two or three times as much in the future when it’s needed. A prepaid plan lets you fix the cost at today’s prices, choose the type of funeral you want, and ensures the costs are met in full to relieve the burden on your family.