Reasons to set up a Trust
Why have a Trust?
Everybody wants to protect their assets for the benefit of their loved ones. People are motivated to provide for their children throughout their lives and want what is best for them. Many people prepare a Will hoping to ensure that the assets that they have worked hard to acquire during their lifetime, are passed on to their children and chosen beneficiaries after their death.
Lifetime planning can be a daunting task at the best of times - but an essential one. Planning for your future can give you peace of mind knowing that your wishes are going to be carried out while you are still here. Setting up a Trust (if done properly) can help you plan for the future.
Here are the three main reasons why people set up a Trust:
· Mitigating Probate Fees
· Protecting Assets
· Control of the distribution of your Assets
Some people wish to pass on their assets to their children so that the assets remain in the family. Dictating who can receive what and when. Your instructions on distribution can be set out for the Trustees to follow.
Control of the distribution of Assets
After your death, the trustees continue to control the assets within the trust. There is no need to wait for the executors to obtain the Grant of Probate. The Trust can continue to hold assets safely within it, or pay them out to the specified beneficiaries. The Trust is extremely flexible after your death and has the potential to continue protecting your family for 125 years from the date it was created. That means that all of the benefits described in this document can not only protect you and your children but it can also protect your grandchildren and great-grandchildren. This will also allow you to name who controls and manages your assets.
The Settlor is the person who sets up the Trust. You can be one of the Trustees of the Trust and retain full control of the assets within it while you are still alive and have the capacity. You are free to move home at any time. You can name other Trustees who can distribute your assets according to your wishes.
Our trained consultants can discuss your current circumstances and recommend the products that will provide the correct protection for you, your family and your assets. For peace of mind contact The Will Associates today and Get your free information pack or call us on 0800 8477 212 to arrange a free appointment with one of our trained consultants, at a time convenient to you and your family in the comfort of your own home.