There are many ways we can help protect your family with the provision of a Trust in your Will. Young, vulnerable or disabled family members can easily be protected, ensuring inheritance is not wasted and is used for the reason you intended.
There's also a growing concern to protect the family home, not only from Inheritance Tax, but the ever increasing costs of elderly care. Including a Protective Property Trust within your Will could provide all the security you need to ensure your family's most valuable asset is not lost to disinheritance.
You choose the Trustees or we can appoint Professionals should they be required.
A Trust can be included as part of your Will which will offer increased asset protection for your family. The benefits of setting up a Trust as part of your Will, are that it will protect your share of a property and ensure it passes to your beneficiaries. If your Partner were to re-marry after you pass away, it will ensure your half of the property passes in Trust to your beneficiaries. This is very important if you have children to a different partner.
You may be an owner of a business and need to ensure it continues to support your family which can also be dealt with by including a Trust within your Will.
The Trust Wills we offer at 4 Probate & Wills are Property Trust Wills, Flexible Life Interest Trust Wills , Vulnerable Person's Trust Wills & Discretionary Trust Wills.
Property Trust Wills
A Property Trust Will, sometimes referred to as a protective property trust, can provide greater peace of mind if you own a property and wish to best protect its value for future generations.
Who Can Benefit from a Property Trust Will?
To benefit from a Property Trust Will you need to own a property with someone else, whether married, unmarried or in a civil partnership. A Property Trust Will guarantees your share of the property is protected if your surviving partner remarries after you pass away (marriage automatically invalidates any existing Wills) or writes a new Will after you pass away, changing their original wishes. It can help reduce the potential impact of residential care fees on the property value for the benefit of future generations. However, whilst this is possible, it is not guaranteed.
Flexible Life Interest Trust Will
A Flexible Life Interest Trust Will, can help if you have significant assets or investments as well as property, that you want to protect for your family.
Who Can Benefit from a Flexible Life Interest Trust Will?
You can benefit from a Flexible Life Interest Trust Will if you hold cash assets and investments in your sole name and you wish to take care of a nominated person such as a surviving spouse and help protect the capital value of your investments for specific loved ones and future generations.
Discretionary Trust Wills & Vulnerable Person's Trust Wills
A Discretionary Trust Will or a Vulnerable Persn's Trust Will allows you to appoint trustees to manage inheritance on behalf of vulnerable loved ones who require assistance. The benefits of both of these trusts are that vulnerable people are given assistance in the management of their inheritance. It reduces the risk of state benefit entitlements being compromised by the receipt of inheritance. It can also potentially help unmarried couples with Inheritance Tax planning.
Who Can Benefit from a Discretionary Trust Will?
Anyone who wishes to leave inheritance to loved ones who lack the mental or physical capacity to look after their own affairs or loved ones who have a disability and run the risk of having their state benefit entitlements compromised by the receipt of inheritance. Examples of a vulnerable person may be someone with learning disabilities, undergoing a divorce or struggling financially. This list is not exhaustive by any means and will be discussed at the time we see you.
Vulnerable Person's Trust criteria
In order for your beneficiary to benefit from this type of trust, they must fall under the definition of a Vulnerable Person as stated in law. We can of course advise you on what this means and assess suitability in your circumstances but if you are able to use one of these trusts, it has a lot of tax advantages for the vulnerable person left behind.
To find out more about any of the services or products we offer at 4 Probate & Wills, just get in touch and speak to one of our expert team.