“Many problems can be avoided with the creation of Trusts”

TRUSTS (Domestic)

A Trust is a legal arrangement whereby a group of people (or person), known as Trustees, hold money on behalf of other people (or person) – in accordance with your instruction.

The majority of people would benefit from one or more Trusts as part of their essential estate planning. Many problems can be avoided with the creation of Trusts which we can establish for relatively low costs when compared to the significant benefits of doing so.

The most common Trusts we establish for our clients are as detailed below:

Discretionary Trust

Our foundation Trust, the Discretionary Trust permits the Trustees discretion in disposing of or dealing with Trust assets so as to best accommodate the beneficiaries’ respective interests, needs and requirements and to better account for their various circumstances prevailing at the material time and in the future.

Property Trust

Offers many benefits including the security of your property for your surviving partner, protection from sideways inheritance, protection from being forced to sell due to debts and to pay for fees (for example as incurred in a care home)

Children's Trust

Setting up a Children's Trust is essential if you have dependants under the age of 18 (many of our clients consider 25 to be a sensible age for children to be considered financially responsible) and a Children's Trust will enable you to appoint a financial guardian (Trustee) to make financial transfers to your children (Beneficiaries).

Maintenance Trust:

You may wish to leave money to a beneficiary who is mentally unstable, a drug addict or alcoholic, could have serious debt issues or be going through a messy divorce. So, clearly, giving money or other assets to such a person would be a waste of that money. The solution is to appoint a Trustee to act upon your instruction after your death.

Disabled Trust:

If you leave money to a disabled person directly, in the form of a gift in your will, it can affect any means-tested benefits they may be entitled to. If your loved one is vulnerable, they may be taken advantage of financially & you can not name guardians in a will for anyone over 18 years old. If they have capacity issues, they may have difficulty managing money. Some families leave money to a sibling on the understanding that they will look after their disabled sibling. However, if the sibling dies, gets divorced or has large debts, they may lose control of the money they were informally holding. All of this can be avoided by intelligent Trust planning.

For further information on how we can help you, contact us now so we can organise a free no obligation initial consultation.

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