Why do I need a Trust?
Trusts can help you minimise your Inheritance Tax burden, offer protection against care home fees, ensure your ultimate beneficiaries' inheritance isn't diluted, protect and provide for other loved ones such as an unmarried partner, children from a previous marriage or step-children, provide for vulnerable people
Protect your home from care home fees
A property protection trust allows you to leave your property or share of it to your children which can increase your Inheritance Tax Threshold whilst also allowing your partner to to continue living in or benefiting from the property for the rest of their life.
Protect your Partner
Allow your partner to continue living in or benefiting from your property until it passes to the ultimate beneficiaries such as your children or grandchildren.
Protect Your Children from "sideways" disinheritance
If your partner remarries your own children's inheritance may be diluted or even disappear. A Property Protection Trust ensures that your children aren't cut out.
Provide for a vulnerable person
A Trust can allow you to drip feed the inheritance to a vulnerable person who may not be able to manage their own affairs such as some disabled people, or anyone suffering from alcohol or substance abuse.
Protect your benificiaries
If your beneficiary divorces after you pass then half of the inheritance could pass to their spouse. Likewise if your beneficiary became bankrupt after you passed the inheritance could fall into the hands of the official receiver. Leaving the assets in Trust allows you to ring fence the assets and name the people to benefit from the Trust without them actually owning the asset.
Reduce your benificiaries Inheritance Tax Liability
By placing assets in Trust they do not form part of the beneficiaries estate which allows them to pass to the next generation without attracting further inheritancne tax charges.