Trusts
Understanding Your Options
There are different types of trust to fit your unique situation.
Understanding the options available for your asset protection can be difficult, whether it be protecting your property from care home fees or providing an added buffer against potential Tax liability upon death.
We are experts in this field and will take the time to discuss your situation and provide you with advice on which options would provide you with the best level of protection.
Types Of Trust
Bare Trust
This is the simplest kind of trust. The beneficiary(ies) become entitled to all the assets in the trust if they are mentally capable and once they reach the age of 18 in England, Wales and Northern Ireland, or age 16 in Scotland.
- Tax Benefit
- Lifetime Planning
- Beneficiary Owned
Interest In Possession Trust
A Trust where at least one beneficiary has the right to receive the interest generated by the trust, or the right to enjoy the trust assests for the present time, in an alternative way.
- Tax On Income Recieved
- Ownership Passes To Children
- Funds Accessible By Partner After Death
Discretionary Trust
Discretionary Trusts are the most common form of Trusts, they provide trustees greater power to decide how and when to distribute funds to the beneficiaries which can help in the preservation of assets held by the trust.
The greater emphasis on trustees means that it protects for more circumstances such as divorce and remarriage. They are often accompanied by a letter of guidance.
- Greater Flexibility
- Tax Protection
Family Probate Preservation Plus Trust
The Probate Preservation Plus Trust (PPPT) is simply the most comprehensive trust of its type, designed to remove the concerns that many have when placing their home into trust.
Holding assets in a PPPT can ensure that these do not add onto your beneficiaries’ estates, increasing their own estate values on death and creating a much larger Inheritance Tax bill for future generations (their own beneficiaries) to pay and so losing more of their inheritance than necessary!
- Money Back Guarantee
- £500 Legal Support If Subjected To Third-party Claim
Continuing Healthcare Funding
This is when the NHS pay for the whole amount of the patient’s care fees. This type of funding is not means tested. It is based entirely on the patients’ healthcare needs and if they are at a standard where they require such a high level of medical intervention that it is deemed the NHS should be paying the bill for this care. In order to be eligible for this type of funding, the patient will require a Continuing Healthcare Assessment and will need to meet a specific criteria set by the NHS.
- Entirely funded by the NHS
- Your financial situation is not considered, just your healthcare needs
Want to discuss your options?
Book An Appointment To Discuss Your Estate
We are experts in estate plannings and we will spend time understanding your circumstances in depth to ensure we provide you with the most appropriate information and options.
Book An AppointmentFAQ
Frequently Asked
Questions About Trusts
You may find information on funding from a number of sources however this can be difficult to decipher. We want to try and keep things simple for you, so that you can make an informed choice and not feel pressured into anything.
To help you make an informed choice we have compiled a list of frequently asked questions about Trusts.
Who can be a Trustee?
It is entirely up to you, who you appoint as your Trustee, however they must be over 18. We can talk you through the things to consider, before appointing Trustees into your Trust.
Book An Appointment NowWhat is a Trustee?
A Trustee is the legal owner of the asset within the fund who are legally obliged to deal with the assets for the Beneficiaries as set out in the trust. They are accountable and can face legal repercussions if not performing this role in the best interests of the Beneficiaries.
Read More About BeneficiariesCan Trustees be Beneficiaries
Yes, A Trustee can be a Beneficiary, however there is a potential for a conflict of interest. It is more common that for a Trust created within the Will where there are multiple children the children would be both Beneficiary and Trustee.
