We offer specialist advice on family financial protection through the use of Trusts which can not only deal with your Estate and protect your hard-earned savings and property after you have gone but we can also provide Trusts which you can utilise within your lifetime.
For more information on how to set up a Trust can protect your assets, please get in touch today.
Do you want to ensure that your home and wealth will go to your loved ones? The use of Trusts can often be the best format to protect your hard-earned money. As life throws an abundance of potential pitfalls such as Care Home Fees, Death Duties, divorce, third party claims and other challenges that our family members will face on a variety of situations in life. Our Trust Funds do something very simple, which is set in the reason for creating the Trust in the first instance, to preserve the money for future generations.
We encourage the Trustees to make loans of money from the Trust Fund to Beneficiaries, which is able to then be recalled in the event of such third-party claims. Giving your son a deposit for his first home? Loan it to him through the Trust Fund and should he have any issues later in life, such as a divorce, then the Trustees legitimately, recall the loan as that money should be preserved for future generations of the family and is therefore, no longer susceptible as an asset to that claim.
Upon the first party’s death, the value of the property share of the deceased is ringfenced by the Trust. The Will can bequeath the entire share of the first party to die to the Trust. Therefore, the surviving spouse will keep their share of the house, and the deceased’s share will be held in the Trust. Moreover, Trusts can hold additional assets and funds, which will provide you with extra protection.
Third party claims against the next generation of Beneficiaries are also factored into the Trust. Your children can have protection from claims against their inheritance (after it has been given to them) through certain Trust clauses. Please speak to our expert team today for more information.
Trusts have many advantages. They enable you to:
Having a Solicitor as a Trustee is seemingly highly beneficial due to their legal expertise and neutral perspective amidst any disputes. However, we always recommend having family members as the Trustees instead of a Solicitor as the management of a Trust is very straight forward in how we set them up and there is a significant cost saving.
The Settlor determines how the assets in a Trust should be used. This is usually set out in a document called the ‘Trust Deed’. Sometimes the Settlor can also benefit from the assets in a Trust. This is called a ‘Settlor-interested’ Trust and has special tax rules.
There can be more than one Beneficiary, such as a whole family. They may benefit from:
Please get in touch with De Rossi Griffiths today for expert legal advice.
