Trusts
Expert advice when it comes to Trusts
Protect what you’ve worked hard for.
You could pass over management of your money or assets, even whilst you’re alive, to save paying for expensive care home costs. Once you pass away the trust property (money of assets within the trusts) can then benefit the beneficiaries of the trust.
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What is a trust?
A trust fund can ensure loved one’s financial stability in their future and could be a way of protecting your assets.
Trusts can be set up during your lifetime. You could act as one of the trustees and control what happens to your assets.
They can also be set up within your will to handle the protection of your assets after your death.
Who would use a Trust?
Those passing on property, other assets and money would consider using a trust to control and manage their assets.
What types of trusts are there?
There are several different types of trusts that can be used depending on the amount and type of assets in the trust. This will also depend on how the assets will be used.
Trusts are most used where you may be worried about the impact of care home fees, a divorce, or the protection of disabled or vulnerable members of your family.
A trust could be used to protect wealth, provide for people under 18 who aren’t able to inherit, to protect against divorce or bankruptcy. You can also specify beneficiary information in more detail than you could do in a will.
How can a trust help protect my assets from care costs?
Unfortunately some of us face the prospect of going into care as we age. Which as we know, is not a cheap option. With the appropriate trust planning you could avoid having to sell your home to pay for care costs.
Who do I choose to be the Trustee?
When choosing a trustee it’s important to take a few things in to consideration:
- The Trustee’s health
- How far they live from you
- How old they are
- How old they’ll be when your children are set to gain control of the Trust
- Are they trustworthy?
- What their basic judgement skills have shown to be in the past
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2nd City Legal Services associated with Countrywide Tax & Trust Corporation Ltd.
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