Trusts And Estate Planning
A trust is a legal document that arranges for trustees to be made responsible for holding assets. The assets - typically money, property and land - are placed in trust specifically for a beneficiary or beneficiaries.
It is the trustees’ job to manage the trust by carrying out the wishes of the settlor. The settlor is the person who has placed assets into the trust and the settlor’s wishes for the trust are usually written in his/her Will or a deed. We appreciate that initially this can be difficult to follow and we often find the easiest way to describe how a trust works is to link it to your specific circumstances.
Your Will disposes of everything you own except:
- Assets which you own jointly with someone else (such as property or bank accounts), will automatically pass to the survivor on your death;
- Discretionary benefits from pension schemes or other types of trust.
If you own property or land as Tenants in Common your share or interest will pass under the terms of your Will.
Use of a trust is a great way for ensuring your assets are protected and pass to whomever you wish to benefit.
This can be a complicated area of advice, therefore to ensure we arrive at the best possible solutions you are welcome to contact us to book your free initial consultation.
Discretionary Will / Disabled Persons Trust
This type of trust is particularly useful where the beneficiaries are maybe going through a divorce, have a drug, alcohol or gambling dependency.Read more
Protective Property Trusts (PPT)
Careful planning is required if you wish your beneficiaries to inherit what you feel is rightfully theirs.Read more
A person currently paying maintenance for children, can use this trust to ensure payments continue to support the children after death.Read more
Home Protection Trust
This is a Trust set up in your lifetime to protect assets for future generations and protect them from third party creditors.Read more