Why do I need a Trust?
Trusts can solve many of the risks and uncertainties faced by an individual who wants to protect their assets after they have died.
Trusts can offer you protection from:
- Certain individuals who aren’t provided for in your Will being able to contest it
- Children from a previous relationship not being provided for should you die before a new spouse or partner
- A child with an addiction or money problem inheriting a large amount of money in one go without having any controls in place
- Having your share of your home sold to pay for another’s care fees
What is a Trust?
A simple way of understanding how a Trust works is as follows:
If you owned a property in the real world and wanted to keep people out, the best way to do this would be to put a fence around it.
A Trust can be imagined as a legal way of putting up a fence around your assets and saying ‘hands off!’ This could be a property, a child’s inheritance until they come of age or another asset. Only people you have specifically named will have access to them.
Trusts can also protect your family from:
- The expense, lengthy delays and red tape of the probate/estate administration process
- A beneficiary’s benefits being stopped because their inheritance pushes them over the ‘savings cap’ with their inheritance then having to be used to cover care costs
- A beneficiary losing a significant proportion of their inheritance just because they happened to be going through a divorced at the time that you die
- A beneficiary potentially losing a significant proportion of their inheritance just because they happened to be in debt when you die
- Future generations having to pay Inheritance Tax
If you would like to arrange a no-obligation consultation to discuss how you can protect your assets using Trusts, get in touch today.
"Throughout the process we felt in good hands and there is no one else who could have dealt with our queries, circumstances and wills in any better way than Sevvy did. Thank you for fantastic service! I would have absolutely no doubt recommending Sevvy and using him for any changes to our wills in the future."
Laura M - Stourbridge