Could A Trust Help Protect Your Family’s Home From Future Care Fees Or Tax?
Wills aren’t always enough.
Avoid delays, legal costs and uncertainty. Get expert advice tailored to your family.
“Personal Estate Planning were professional, courteous and efficient. Communication was clear throughout and I received my final documents quickly. Highly recommended.”
John Heaton
“Highly recommended – very professional, quick and efficient. I’ll be using Ian’s services again and have already recommended him to friends and family.”
Rachael Ellwood
Ian Brammer (MSWW) is a full member of The Society of Will Writers
He is regulated, insured and fully trained.
Why do You Need a Trust?
Trusts are the most effective way to protect your assets and preserve the legacy you plan to leave for your family.
A Will directs where the pieces of your estate should go when you die. A Trust is what guarantees your wishes are enforced by ringfencing specific assets, choosing who is in charge of distributing them, and under what conditions.
No obligation. Just expert guidance tailored to your family’s needs.
What Can a Trust Be Used for?
There are various types of trusts, all with different purposes or levels of control that you give to the Trustees (the person or people who distribute the assets to your Beneficiaries). This is what a Trust can do for you:
Reduce Probate Costs
When you die, your family will have to pay probate costs either to solicitors or a bank for helping to administer your estate. This will usually be charged as a portion of the estate; the bigger the estate, the more they will be charged. A Trust removes those assets from your estate and therefore prevents them from being included in probate costs. Additionally, depending on the nature of the Trust/s and how you arrange your estate, your family may not need any assistance with handling probate and therefore not be subjected to any administration charges, although this cannot be guaranteed.
Reduce or Remove Inheritance Tax Bills.
If the value of your estate is above the Inheritance Tax thresholds, your family will be taxed at 40% of anything above those thresholds. They will be expected to pay this within six months of your death, however, the assets they’re being taxed on won’t be released to them until the probate is settled, up to two years after your death – leaving your family to pay the bill out of pocket. Trusts can be set up either to pay the estimated Inheritance Tax bill, or it may be possible to sufficiently reduce the estate to reduce the Inheritance Tax due altogether.
Protecting Assets in Your Absence.
If you die and your partner remarries, a Trust would prevent their new spouse or the spouse’s children from being gifted any of the assets that you had intended to go to your own children. This would also protect your property; if you jointly owned your home and placed your half in a Trust for your children, as your spouse would only be able to make decisions on what happens to their half of the property.
Protecting Assets for Future Generations.
A Trust could allow you to safeguard assets for family members who may be unable to manage their own finances at the time of setting up the Trust. This can include minors and individuals with learning disabilities. For example, you could create a Trust designed to leave assets to a grandchild once they reach the age of 18, and appoint their parents as the Trustees, who will manage the Trust for you.
Who We Are
Personal Estate Planning provides Trusts, Wills, and Powers of Attorney either individually, or as part of a comprehensive estate planning service.
The business was founded by Ian Brammer, after working in the Financial Planning industry for 30 years and seeing first-hand that taking care of your investments or your mortgage was only half the battle. What people really needed – but usually put off until it was too late – was full estate planning that protected your family from a financial burden in your absence, and protected your needs with Lasting Powers of Attorney.
Ian is a registered Estate Planner and accredited by the Society of Will Writers. Give us a call to talk more about whether a trust is right for you.
