Where to get an Asset Trust
Family asset trusts are becoming more popular than ever before. Wills are less complicated than family asset trusts but are unable to give the financial and valuable security that is received when creating a family asset trust. In this article, you’ll learn more about the family asset trust, how to create one, and what happens when an emergency arises.
What exactly is a Family Trust Asset in comparison to a Will?
This is a top question received when speaking in terms of protecting assets. With a will, you’re only securing what goes to who, not the value of the item. With a family asset trust, beneficiaries will receive the real value of assets that are placed within the protected trust and benefit much more.
As a principal beneficiary and primary account holder, you’re able to get much more security out of this than anyone.
What happens when the Mental Capacity is gone?
In a family asset trust, you’re able to prepare for all situations possible. In the event you lose mental capacity such as dementia, ammonia levels within the brain, etc., you’re able to safely secure who dictates what for your beneficiaries if you think the beneficiaries are too young to deal with the assets currently. When obtaining a family asset trust, you’re able to sign away the power of attorney in case your mental capacity is gone. We’ll talk more about that in this next section.
Where to obtain a Family Asset trust?
Wills are usually obtained through an attorney, as there are legal regulations one must follow and sign away to. This is the same with a family asset trust, and this is the same place you’ll have to sign away a power of attorney. This power of attorney can help make the decisions when the mental capacity is gone, but after you pass, this power of attorney has no control to make the decisions for you. Once the primary account holder has passed, the beneficiaries will also hold control within means. Any assets that are outside of the asset trust will be dealt with through the courts accordingly. If you want your beneficiaries to sell a property and obtain new property through your trust, you must provide the extra capital before passing.
For any further information contact The Will Associates today by calling us on 0800 9500 700 to arrange a free, no obligation consultation at a time convenient to you and your loved ones, in the comfort of your own home.