Trusts
Setting up a trust can be a wise and strategic decision for those seeking to secure their financial future and protect their loved ones.
Understanding Trusts
As part of making a Will, you may wish to use Trusts for lifetime Estate planning, for example, passing money to children or grandchildren so that it is not taxed on your death. Trusts have been used to protect and preserve family wealth and are no longer just for the wealthy. Anyone can set up a Trust.
It is a vital estate planning tool for anyone wishing to protect their wealth and assets long-term. Set up during your lifetime, your assets are transferred into it now, however you still retain access and control of those assets. Trusts are used to protect:
Assets
Ensuring they pass to the right people at the right time
Beneficiaries
Ensuring they enjoy the full benefit of their inheritance
Protect your estate, assets and wealth
Poor planning of your estate, assets and wealth means that those you love can be unintentionally disinherited in many ways. Trusts can be a useful way of saving Inheritance and protecting your assets for your loved ones.
A Trust can be included in your Will or run along side your Will. Trusts are a solution to this challenge, and are both simple and flexible. Undoubtedly, in these modern times we now have far more wealth than ever before.
Furthermore, family dynamics have become more diverse and fragmented. Consequently this means that the threats to passing on assets have also increased. By creating a trust, you can ensure that your assets are distributed according to your wishes and that your loved ones are protected from potential financial risks
Why You Need a Will
Having a will allows you to protect those close to you and ensures your wishes are followed after your death, preventing any disagreements about who takes what.
If you die without a will, “intestacy” will arise - this means the law decides what happens to your assets, and this can cause problems for your family and add to the costs of probate.
Among the issues that could arise if you don't have a will are:
Social Services will place your children into care to look after them if you have children under the age of 18 and both parents have passed away. Your family cannot care for your children without first going through the legal system.
If you have assets like money, stocks, real estate, or life insurance and you pass away without a will, the state will select who will receive your assets.
Your partner cannot legally claim your assets if you are not married.
Your Estate could be charged £1000 or more by a probate attorney.
Advice for Trustees
Trustees have the legal authority to manage the assets in trust in accordance with the terms of the trust deed. Trustees have duties to comply with, such as complying with tax reporting requirements and ensuring the assets within the trust are being well looked after.
It is important that trustees are aware of and comply with their duties as you can be personally liable as a trustee for any loss suffered by the trust.
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