Trusts

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Safeguard your child or grandchild’s financial future by including a special trust within your will, to ensure your family receive what you want, when you want them to.

If you do not make provisions for your children’s financial future, then whilst the child is under the ago of 18 years, their inheritance is held under a legal trust for their benefit. This is a complex and expensive legal procedure, as it involves an application to the courts to allow for the trust to be established. In addition to this expense, after the child reaches 18, they are quite free to spend (or worse squander) it.

Many people do not feel that this provision is suitable and therefore include this special and flexible trust in their professionally drafted Wills.

Through the Children’s Trust, the parents can place an age restriction on the inheritance of 21 or maybe 25 years of age. In addition, they would also nominate trustees, These are people they have total confidence in to manage the trust for their children until they become of age and thus eliminate any costly and complex court fees.

These are also exceptionally flexible trusts. Should the trustees feel that it is suitable, they can advance funds to the children prior to the age of inheritance. For example, should a child need a life saving operation or require funds for University.

If you have disabled or handicapped children, you can also make further long terms secure financial provision for them.

We specialise in the following

  • Asset Protection Lifetime Trusts – You can transfer assets like your house or savings into this trust during your lifetime, meaning that not only are your assets protected from being used to fund long term residential care (which is averaging around £25-£35,000 per year), but your beneficiaries inherit more than they would have, because the cost of administering your estate is reduced or even eliminated.
  • Discretionary Trusts – Having a Discretionary Trust in your will means assets can be directed into it on your death for the potential benefit of any number of beneficiaries you choose.
  • Property Protection Trusts – For most of us, our home is our most valuable asset. With a property protection trust, you can ensure your home is passed on to your children whilst still allowing your surviving partner or spouse to live in it. It also protects in the case of partners who remarry and safeguards a childs inheritance from the new partner, it could also be useful in protecting funding of Residential CareHome Fees should you need to enter long term care. Every year tens of thousands of people have to sell their property for Care Home costs.
  • Flexible Lift Interest Trusts – Like the Property Protection Trust, this trust ensures that your capital or financial assets are passed to your children rather than your spouse, whilst allowing your partner or spouse to use the income from any of the capital that has been invested.
  • Spousal Bypass Lifetime Trusts – This trust allows you to pass on your assets to you spouse through a loan, which helps them to reduce the value on their estate when calculating inheritance tax liability.
  • Pilot Trusts – Similar to the Spousal Bybass Lifetime Trusts, this trust allows you to reduce your children’s inheritance tax liability by passing on your estate to them through a loan.

A trust is the simplest and most effective way to ensure your child receives their inheritance on your terms – contact us on 0191 581 9018 today to find out how it could work for your family

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