WILL & ASSET PROTECTION TRUSTS
Will Trusts, which are written into your will, are used for a variety of reasons:
- They are used to help protect and safeguard your personal assets, such as your home and savings, for your children or other beneficiaries after your death
- Can provide a home for someone after your death, like an unmarried partner, adult child, friend, or elderly relative. The person can stay in the property for a specified period before it passes to the ultimate beneficiaries. The ultimate beneficiaries are unable to forcibly remove the ‘tenant’ from the property until the specified time has passed.
- They can also be used to protect a disabled or troubled (alchohol/drugs/gambling) benficiary’s inheritance.
Remarriage and divorce are major factors in modern times and standard wills do not give any protetion against these concerns.
ASSET PROTECTION TRUSTS
Asset Protection Trusts are used for many reasons, and setup now, during your lifetime. These Barrister drafted trusts have significant benefits over standard Will Trusts and are used for different reasons, such as:
- Protecting your estate from 3rd party claims
- To ensure bloodline planning for future generations
- To prevent your estate diluting through divorce and remarriage beneficiary
- To mitigate inheritance tax liabilities for future generations
- To remove the lengthy, costly process of probate after your death, allowing instant access for beneficiaries, because Assets held in a Protection Trust typically do not require probate
There are many other possible benefits of a Will Trust. If you would like to discuss these benefits, then you can speak to one of us! We have a specialist team who are happy to answer any questions about Will Trusts that you may have.
We have been helping people across Runcorn, Liverpool, Warrington, Frodsham, and Chester for over 15 years. You can find our details on the ‘Contact Page‘. Our team are members of Society of Will Writers and are SWWEPP Qualified, and we offer one-to-one appointments either face-to-face or over the phone/zoom.