Trusts & Estate Planning
Protecting people and property
Including a Trust as part of your estate planning can give you peace of mind and ensure inheritance is preserved in the way you would want.
Trusts can be set up during your lifetime with assets you own now or through your will on death.
SCROLL DOWN TO WATCH OUR VIDEOS
Protective Property Trust
A protective property trust is a trust created by will that enables you to ringfence a share of your home for your chosen beneficiaries (e.g. children, grandchildren) whilst giving your spouse/civil partner rights to continue living in the property whilst he / she is alive. It gives better protection for your children’s inheritance if the surviving spouse remarries, meets a new partner, needs care or changes their will.
Flexible Life Interest Trust
A Flexible Life Interest Trust is a trust created by will that has the flexibility to balance your spouse or civil partner’s needs and protect your legacy for future generations.
FLIT’s can protect your estate if your spouse remarries, needs care or meets a new partner. After your spouse has died, the trust can be ended and distributed to your chosen beneficiaries or continued if any beneficiaries are young, vulnerable, going through a divorce or bankruptcy or inheritance tax planning between multiple generations is desired.
Discretionary Trust
It can be difficult to predict what the lives of our beneficiaries will be like in the future. Setting fixed percentages or amounts in your will gives certainty but lacks flexibility if there are any changes to your beneficiaries health, lifestyle or financial circumstances. Discretionary trusts can be set up by will or during your lifetime.
Flexibility – Control – Asset Protection – Young or Vulnerable Beneficiaries
As specialists in Trust and Estate Planning, we offer a range of Trusts that can help you protect your assets beyond what a simple Will can achieve.
Many people choose to incorporate a Trust within their Will in order to give greater control over how the beneficiaries receive money.
There are many examples of how beneficiaries have lost their inheritance as a result of re-marriage or re-writing Wills and also how money has been squandered if inherited by someone too young or with lifestyle problems.
Including a Trust as part of your estate planning can give you peace of mind and ensure inheritance is preserved in the way you would want.
Some examples of how Trusts can be used
‘Claudine was really flexible over booking to come to our home to discuss writing our wills’
Mrs De Lucchi, West Bridgford
‘If I die when my children are young, I want money to be available for their upbringing but managed wisely for them until they are old enough to inherit’ (Children’s Trust)
‘I’d like to make sure that if my wife re-marries after I have gone my share of the family home goes to my children and not her new husband!’ (Protective Property Trust)
‘I’m worried about my daughter’s marriage and her inheritance ending up in a divorce settlement’ (Discretionary Trust)
‘I’d like to reduce my inheritance tax liability by transferring assets into trust now for the benefit of my grandchildren so they can access it when they are ready and not just on my death’ (Lifetime Discretionary Trust)
‘My son has a drink problem. He would be at risk if he inherited a large amount of money all at once’ (Discretionary Trust)
‘My daughter has a disability so needs help to manage her money in a way that won’t affect her care and benefits’ (Disabled Discretionary Trust)
How much do Trusts cost?
The cost of trusts vary depending on the type of trust that is suitable to your circumstances and what you would like to achieve. This will be discussed during your consultation.
Our prices are competitive and affordable. The majority of customers choose to include these within their Wills to provide the added long term benefits that they seek.
Lifetime trusts can also be arranged if you have assets that you wish to transfer into trust now.
You can see an indication of our fees for trusts on the fees page.
What do I need to do to prepare?
We will have a discussion about your wishes, concerns, and assets to look at what type of Trust may be suitable. Trusts can be created by Will and also set up now for use in your lifetime.
A minimum of two trustees (up to a maximum of four) is usually required for a trust. Please have the full name and addresses of potential trustees.
Contact Us
Telephone:
0115 8918386
Email:
adminteam@trentwillsestates.co.uk
Office Address:
Trent Wills & Estates Ltd, 12 Brockley Road, West Bridgford, NG2 5JY (use link to get directions)