Is a Trust right for You..?

02 Feb Is a Trust right for You..?

Building up a sizeable estate is a lifetime’s work – the result of a lot of hard graft.  As a result, it is understandable that you would want to pass on as much of that estate to your loved ones as possible.  

Trusts are an excellent way to do that, ensuring that you can keep that money in your family for generations to come.

Many people realise they can utilise Trusts in their Will to protect assets after their death, but you can also move assets into a Trust during your lifetime and still retain control over them and access to them too. Those assets will then pass onto your loved ones after you die, according to the terms of the Trust.

You can set out terms for precisely how the assets in the Trust are to be used, for whose benefit and when – eg to ensure that a loved one only receives their slice of the inheritance at an appropriate time for them – perhaps after hitting the age of 21 – rather than immediately after you die, or specify they should be used to cover their living costs or university fees.

Equally, a Trust can protect your beneficiaries from losing some of those assets as a result of their own potential future life events – such as a divorce or insolvency.

Trusts set up and holding assets in your lifetime can also prove particularly useful in getting assets to your family as soon as possible after your death, sidestepping the time delays – and cost – associated with the probate process. These costs can swiftly run into the thousands of pounds, while the actual probate process can take months and months, so these benefits are not to be underestimated.

It is only right that after spending decades building up an estate that you would want to pass as much of that onto your children and grandchildren as you can.  The use of Trusts – whether contained in a Will or set up during your lifetime, are a brilliant way to do just that, helping you ensure your assets go to the right people, at the right time, and are used for the right purposes.

Heir Tight Wills helps clients put in place robust provisions and valid documents, to protect their loved ones and their assets both during their lifetime and after their death.  For a FREE Consultation to discuss writing or updating your Will & estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US via email.