Trusts as Part of Estate Planning in Bristol and South West England.
Have you Considered Writing a Trust?
Trusts have been around for hundreds of years and have been used to protect assets from numerous different risks over the years.
What is a Trust?
There are many different types of Trust designed for different purposes. In terms of estate planning, a Trust can be used to protect assets for yourself and your loved ones. The protection can start during your lifetime or begin upon your death.
How is a Trust different to a Will?
A Will can only share out what is left when you die. It cannot protect what you have during your lifetime so there may be very little left if, for instance, you were to require care before you pass.
What Benefits Does a Trust Offer?
Depending upon the nature of the Trust you set up, it can: -
· Protect property for your children during your lifetime and / or after your death.
· Protect savings and other assets for your loved ones during your lifetime and / or after your death.
· Avoid claims being made on your estate.
· Avoid an ex-partner of one of your children, inheriting.
· Allow a disabled beneficiary to inherit without loss of state entitlements.
· Allow final decisions about who inherits what to be made much further down the line, when it is clearer which of your beneficiaries most need it or who would make best use of it and who would not.
· Avoid probate fees.
I Want to Protect My Property but Still Have a Mortgage. Can I write a Trust?
In this position you will have fewer options but, yes, you can still make use of the benefits of a Trust to protect property for your loved ones.
My Partner Has Dementia. Can I Write a Trust?
Again, you will have fewer options but you can still make use of a Trust structure to protect what is yours. In this scenario it is vital you protect what you have – in the event of your passing away first, if everything goes to your partner, it may all be used to pay for their care and thereby leaving nothing for your family.
As every situation is different we have fully trained consultants across the country visiting clients in the comfort and privacy of their own home. Your local consultant will take the time to really understand your situation before making any recommendations as to how best to meet your needs. You can be assured of a highly professional and personalised service from start to finish.
To gain a better understanding of your areas of vulnerability and what you can do to protect yourself and your loved ones, call The Will Associates today to put your mind at rest on 0800 847 7050.