Care for your children long after your passing
All parents worry about their children, and you might be starting to think about what will happen to them after you pass away. Depending on your situation, you may worry that your children won’t have enough money or resources to take care of themselves when you’re no longer here. Fortunately, you can set up a trust that ensures the people you love the most will receive the care they need long after you’re gone, and you can rest assured that our professionals will help you set up the most appropriate discretionary trust for your needs.
Valuable tools for Estate Planning
Establishing a Trust in your Will can be beneficial for lessening Inheritance Tax (IHT) and ensuring that children are not disinherited by changes to marital status.
Trusts can be written to come into force immediately, or can be effected upon your death if written into your Will. They can vary from being a simple clause in a Will that protects assets for a child until they reach a certain age, to a more complex Trust that cares for a disabled child who may not be able to manage their own affairs.
Below is an explanation of two common Trust types – call us or book an appointment with one of our Consultants for a more detailed explanation that reflects your own circumstances.
Lifetime Interest Trusts
Just like the Property Protection Trust (PPT) a Lifetime Interest Trust ( also called a Family Asset Protection Trust), effectively gives over ownership of specific assets to a Trust that you control and benefit from while you are alive (so you could receive interest and dividend payments for example, and buy or sell assets themselves).
If you die first, your partner could continue to benefit from the assets – in exactly the same way that they could continue to live in the family home under a PPT. Upon their death, the Trust and its contents pass down to your chosen beneficiaries as you have stipulated.
Particularly helpful for unmarried couples who cannot benefit from any unused inheritance tax allowance upon the first partner’s death, a Discretionary Trust sees assets – including property – transferred and managed by trustees (who usually include any surviving spouse and other beneficiary) who decide how those assets are to be used and distributed.
Despite needing to pay inheritance tax on the first partner’s half of the estate, thousands of pounds can still be saved perfectly legally in this way, as both partners’ IHT allowances are maximised for the benefit of their chosen beneficiaries.
A Discretionary Trust is also a fantastic tool for avoiding sideways disinheritance and for providing for people with disabilities.
Let our Professionals help you create a Lifetime Interest Trust
We have a range of lifetime trusts available, and we know that choosing the right one can be complicated. However, understanding the differences between the trusts is crucial because you need to know that your assets will be managed according to your wishes after you pass away. Fortunately, you don’t have to set up a lifetime trust alone because we can lend a helping hand.
Our Consultants will guide you through the process of choosing and setting up a trust, and they’ll take the time to ensure you understand the different choices available. We’ll make sure you’re satisfied with the terms and fees before finalising the paperwork, and you can count on us to keep you up to date on any law changes that might affect you. If you want to create a Family Asset Protection Trust with confidence, then we’re the company to call.
Flexible and High-Value Discretionary Trust
A lifetime interest trust helps you and your family financially in more ways than one. Discretionary trusts can result in lower capital gains tax contributions while minimising the risk of disputes arising after you pass away. Moreover, we offer a broad range of discretionary trusts to cater to any budgetary requirement. Just give our specialists a call, and we’ll give you the details of all the packages that might be right for you.
We’re committed to finding the best-value and most appropriate discretionary trust for you. We’ve remained a top choice for Family Asset Protection Trusts for years because we strive to continually develop our offering while prioritising your best interests.
If you want to know more about how lifetime trusts can help you from now until long after you pass away, then contact us today.