Trusts
Trusts offer a range of benefits including financial security, reduced inheritance tax liability, and peace of mind for the future. They can be included as part of your Will to provide increased asset protection for your loved ones.
There are different types of Trusts that can be applied depending on your circumstances.
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Why you need a Trust:
- If you have beneficiaries that are vulnerable or unable to manage inheritance independently. In this case, you may appoint Trustees to be responsible for holding and managing the assets and maintaining the best interests of your beneficiaries at all times.
- If you have large value assets such as properties and investments, where protection of the value is sought for future generations. This type of trust will guarantee who will benefit from your assets if the testator's partner remarries after your death, or changes their Will.
- Where you have received a large amount of compensation from a personal injury or medical negligence claim that you want to use to pay for your future care, loss of income etc. in the future.
- If you want to remove the lengthy, costly process of probate after your death and allow instant access for beneficiaries.
We advise on the best trust depending on your circumstances and can guide you through the process of setting up and managing your trusts. We also take steps to minimise estate and inheritance tax (IHT) liabilities that can make a huge difference to how people benefit from your Estate.
Book a FREE consultation with us today for advice on setting up a Trust to protect you and your loved ones.
Trusts come in a variety of forms, depending on what it is that you wish to achieve with the Trust and we would always suggest that you seek advice before setting up a Will Trust of any kind.
The cost options for Will Trusts are shown in the following table:
| Service | Per Person | Per Couple |
|---|---|---|
| Estate Protection Trust – including Life Interest clauses, Nil Rate Band Discretionary Trusts, Disabled Person’s Trusts & Business Asset Protective will | £400 | £540 |
VAT is not chargeable.
These costs include the cost of preparing a Will, if required.
Legacy Preservation Trusts
A Legacy Preservation Trust is specifically designed to receive death benefits from most pension schemes.
Whatever your employment status, there is a good chance that there's some form of pension scheme established for your benefit. Whilst these schemes are designed to provide a pension in retirement, they can also provide a valuable death benefit for your dependants should you die prematurely - either while working or before reaching the age of 75.
This death benefit often adds up to a significant sum of money and for members of company schemes it can be a lump sum anywhere up to four times your annual salary.
For those with personal pensions, it can be even more, which is why we would always suggest that you seek advice before setting up a Legacy Preservation Trust.
The cost options for a Legacy Preservation Trust are shown in the following table;
| Service | Per Person | Per Couple |
|---|---|---|
| Legacy Preservation Trust | FREE | FREE |
VAT is not chargeable.
These costs are paid in addition to the costs of preparing a Will, if required.