Get an Asset Trust in Cheshire
Once the Trust has been created, you can use it to 'ring-fence' your assets. Most people will protect their home and their savings, leaving capital in their bank or other savings accounts for ongoing living expenses. Income from savings protected within the Trust can be paid directly into your bank account to supplement income from earnings or pensions.
If you choose to get an asset trust in Cheshire with The Will Associates, leaving your estate and other assets in the care of a third party rather look after until your die is the only way to ensure your loved ones benefit from your life’s work and savings. Once you put your assets into a trust they will belong to the recipient(s) you choose which means that they can’t be classed as means and used to pay for any care you need later in life.
Why an asset trust is the best option
Some people in the past chose to transfer all of their assets before death straight to their recipient(s), but there is always the chance that things can go wrong. Firstly, they may be liable to pay capital gains tax or a divorce could mean they lose half of the gains to their former spouse. As the assets would belong to them any divorce proceedings or even bankruptcy could lead to you losing your home to a person that is no longer part of the family.
When you get an asset trust in Cheshire with The Will Associates you decide who should benefit from the assets you leave whether a family member, partner or even charity and their right to it cannot be contested once it has all gone through.
Protect your family’s inheritance from family feuds
Even if you have remarried but have children from previous relationship/relationships, you can ensure that the trust inheritance does not go entirely to your new spouse. Rather than the administration of your account taking a big chunk out of the final inheritance, it will be protected. Any complicated procedures such as probate application can also be bypassed allowing the beneficiaries to get their inheritance sooner. This will allow them to give you the sendoff you deserve as per your wishes.
You can choose how much and even when a payout can be made and even how it is spent if you wish to use the money to pay for a grandchild to go through university or make a payment towards their first home. If you have someone that depends on your income, you could ensure the money from your estate gives them either a lump sum or monthly allowance so that they can be looked after properly.
At The Will Associates, we can help you with all your estate planning needs. Call us today on 0800 9500 700 to arrange a free, no-obligation appointment with one of our highly-trained consultants at a time convenient to you and your loved ones in the comfort of your own home.