Inheritance Protection in the North East

As a parent, it is only natural to take steps to ensure your children inherit the full value of your estate. The Will Associates recommend creating a Trust that will help protect your assets as this will not only protect them during your lifetime, but it will continue to work after your death.
Once you have taken the important decision to protect your family's inheritance through a Trust, you have to decide who you want to administer your wishes through the appointment of Trustees.
The role of a Trustee is crucial in the working of the Trust and they can be different to the named beneficiaries. A very useful feature of the Trust is that it can remain in force after the death of the Settlor (the person who initially opened the Trust).
The use of Trusts is especially important for those families who are affected by drugs or alcohol addictions.
Some interesting statistics for addiction for the North East of England are:

• In 2014 the North East had the highest mortality rates in England. This was the second year running it had come top, with 69.3 deaths per million population.
• The mortality rate is double that of London.
• Regions within the North East have had the had the highest mortality rate for the last 9 years.

Stats from: 

Drug use within the North East is an ever growing concern, especially if you have children that are addicted to drugs or alcohol. It would be natural to worry about leaving them your estate on your death. That sudden increase in wealth could send them spiralling down into a self-destructive binge. Is this what you would want to happen to your child?

You may have spent years supporting your child, helping them fight their addiction and may even have successfully helped them rehabilitate, however, there is always a life-long risk of a relapse. The stress of losing a loved one, for instance, may start that self-destructive behaviour again. An inheritance of any kind could then fuel that behaviour undoing years of hard work.

You've worked hard for you what you have. Make sure you keep it.

Our free information pack teaches you the steps you need to know. Free Download

A Trust from The Will Associates provides the perfect solution for any parent who finds themselves living the nightmare of seeing their child with an addiction. By using a Trust, you can rest assured that your children will benefit from their inheritance but will not be able to access their funds to spend on their addictions.
How can this be done?
When setting up a Trust, choose the Trustees very carefully:
• Number of Trustees - Name at least two.
• Age of Trustees - There is no point appointing someone your age or older as a Trustee, the sad truth is they might not be around as long as you are.
• Geography - The Trustees will need to be able to meet together and with your child, therefore, they should be relatively close and living in the North East region.
• Specify in the Trust that your child is only to receive funds from the inheritance at the Trustee’s discretion. This will result in your child not being able to access the full amount of the inheritance at once.
• You can add any other instructions to the Trustees that you consider relevant, such as the total amount in one payment that is made, provision for grand-children or the full amount to be paid to the child after a set period.
The role of the Trustees will be to remove all temptation from your child. Whilst this may not be a cure for your child’s illness, it should protect them. Trustees can also be given responsibility for the funding of dependent grand-children or disabled beneficiaries.
The benefits of using a Trust and carefully selecting suitable Trustees cannot be underestimated.
To arrange a free, no obligation appointment in your home, contact The Will Associates North East consultant John Regan on 0800 847 7218.