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Do I need to set up a Trust?

If you are looking to leave an inheritance to your loved ones when you die, first and foremost you will need an up-to-date will.

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.The ‘PPT’ splits the ownership of the house in 2, so you half each. This means that when you die, your half can be given to whomever you chose, such as your children – This protects that half entirely.

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.

The ‘VPT’ handles any inheritance that is being left to someone who requires care or receives ‘means-tested’ benefits, or any financial assistance from the state.