family-trusts

Keep it in the family with the help of Trusts

Do you know what would happen to your home and assets if you passed away?

If you are the sole owner of a property, are there clear instructions for who should inherit your assets, including your house?

If you are married or living with a partner and the answer to the questions is either you’re not sure or no, then it’s time to get sorted! Otherwise you run the risk of your home not being left to the people you want to benefit after your death – and it could end up costing them a lot of money.

There are ways to ensure the right people benefit – and this includes the use of a Family Trust, which can run alongside your Will.

A Family Trust can help you manage your assets, protect your legacy and make sure your loved ones are the ones who benefit.

Consider the case of a man who is the sole owner of a property who dies and leaves everything to his wife in his Will, with the intention that his assets should then pass to his children.

In order to process the Will, if the assets amount to more than £15,000, the family must go through probate which can be a costly process.

If the wife then dies, the children would have to go through the probate process again, costing more money, before they inherit.

If, however, the wife becomes ill and can no longer look after herself, she might end up in care and the house might have to be sold to help pay care fees.

But, if a Family Trust is set up alongside a Will, it can ensure that property, money or other assets can work on behalf of the people you want to see benefit.

It can help in the following cases:

  • To minimise estate and Inheritance Tax liabilities.
  • To ring fence your property if you or your spouse/partner need residential care in the future.
  • To provide a secure way of looking after money for children who are too young to handle a large inheritance.
  • To ensure your assets can be used for the benefit of a vulnerable or disabled person who can’t look after themselves.
  • To ensure your assets are protected and go to the right people in families which have issues with divorce or remarriages.

Assets, such as property, which are placed in a Trust, are no longer owned by the person who set it up – so they are protected from claims from creditors, family disagreements, financial setbacks and lawsuits.

You appoint a Trustee (or more than one) to manage a Trust, and you need to ensure the wording is precise to ensure the people you love benefit from both the Trust and in the event of your death.

To discuss your Will and to ensure your legacy is protected in Trust, contact us on 01952 305105 or 07786 548025 or email enquiries@willmakersofthemidlands.co.uk

Remember, if you don’t have a Will, the authorities will decide how and who should receive your assets according to rules called the ‘Laws of Intestacy’.

Simply call us on 01952 305 105 for more information or to arrange a convenient time to meet one of our consultants.

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WHAT OUR CLIENTS SAY ABOUT US

I have known David for over ten years and cannot recommend him too highly.

He has written several Wills for me and my family and also Powers of Attorney.

I have recently had my Will written by David. He came to our house and gave us a first class service, he was very helpful and guided us through the process. The after care is also excellent, you are given wallet sized cards which detail your Will and where it is stored, if legislation changes updates to the Will are completely automatic reflecting these changes. I would highly recommend David to any of my friends or colleagues.”

With two young children our major concern was to ensure that we implemented the right provisions for their future care and financial well being. The way that you structured our meeting and the advice that you provided, has left the pair of us feeling incredibly comfortable. We now have a legal document that would ensure our aims have been met. We couldn’t recommend David highly enough.

I have known David for some time and find him to be extremely knowledgeable and professional.

Friends and family of mine have used David’s services and the feedback has always been very positive.

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Karen Babington

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies