Trusts
Q. Did you know you can ensure that your assets are secured, for passing on to your loved ones?
Q. The main reason people put their home in a living trust is to avoid a costly and timely process of it going through probate at the time of death.
A trust is a way of managing assets (money, investments, land or buildings). It is created when a person (settlor) gives property to another person (trustee) to hold for the benefit of a third person (beneficiary). A trust is a legal way to hold and protect your assets for the future. It sets out who the beneficiaries are, who the trustees are and how the trust will be administered.
Creating a trust enables you to put conditions on how and when your assets are distributed after you die. A common situation is to put inheritance in a trust until your children reach an age that you deem them to be responsible enough to use it wisely for their future. Trusts will also reduce the estate gift taxes and enable them to be passed on to those due to inherit it, more quicker than if it were to go through probate.
"Hold the vision, trust the process." Author Unknown
In some cases, an immediate financial benefit can be achieved by establishing a trust. Most family trusts are formed to reduce the impact of changes which may or may not occur such as: claims from business creditors; and protection from relationship breakdowns.
Frequently Asked Questions
This is dependent on the individual care and depth of detail within the will that you already have. It is also dependent on how long ago you had your will written, if you have had a will between 3-5 years, or if a life changing event has occurred, then it may be wise to have it reviewed to review whether your assets and estate could be better utilised.
Trusts are set up for a number of reasons, including:
You are able to access the trust at any time if you are named as a trustee, and will therefore be known as the settler. The trustees own the trust and are able to make decisions and work with this as you see fit.
No, although the cost of a trust is dependent on the intricacies and level of work involved as well as the size of the estate. It is typical to set up a trust to protect your house or other assets from third party charges and in this respect you can save money in the long run and make the cost of the trust back very quickly.
Yes, only those people nominated as trustees are able to view the content of the document. All trustees need to be in agreement for any changes or withdrawals to be made.
No, with the support and guidance of Lacuna Wills, together we could ensure that it is a simple and straight forward task.
Yes, by writing a trust you are effectively ring fencing your assets to protect them against sideways inheritance, bankruptcy, and third party fees, making sure that beneficiaries don't inherit money at too young an age.
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What our clients say about us:
“We used Chris to sort out all of our Wills etc, after we had a pretty tough couple of years with close family members passing. Chris came to our home at a time convenient to us, and talked us through a variety of options, some of which we knew nothing about! He did all of this in a relaxed, friendly manner and seemed genuinely interested in doing the right thing for us - all of this with compassion considering our previous years. He arranged our Wills, Power of attorney statements and helped to move our finances in to trust funds, as well as helping us to pay for our funerals! Not once did he pressurise us into buying his services, and he gave us all the time we needed to make decisions and changes to our documentation."
Sam, Hertfordshire
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