Do I need to set up a Trust?
However, sometimes even the best Will alone is not enough to ensure that the correct inheritance goes to the correct person/people and it maybe necessary to set up a trust.
Nobody hopes for the worst… but you can prepare for it.
What is a Trust
A trust is a legal arrangement whereby your ‘trustee’ looks after assets for the intended ‘beneficiary’ for a period of time devised by you, typically until the beneficiary is deemed responsible enough to manage the asset which maybe when reaching a certain age. A trust can be for money or property being held for a set time period or indefinitely to provide an income or somewhere to live.
By placing assets into a trust also ensures that it actually goes where it is intended and when set up correctly can help reduce inheritance tax.
Protected Property Trust
A ‘CT’ specifically deals with your wishes for a minor’s inheritance, it allows you to choose the age when it becomes available, anywhere up to age 25 and secondly it enables you to put the inheritance under the control of your chosen Trustees.
Vulnerable Persons Trust
Lasting Power Of Attorney
If you were to lose mental capacity without an LPA in place, decisions surrounding your welfare, finances, and estate will be made by an individual appointed by the Court of Protection – leaving your family powerless to act on your behalf.
Everyone should have a Will but it is even more important if you have children, you own property or have savings, investments, insurance policies or you own a business.
With a Funeral Plan you choose the funeral you want, and then pay for your chosen plan at today’s prices. Paying for your funeral today can be a good option compared to saving for your funeral as the cost of the funeral director’s services are fixed at today’s prices.