Property Protection Trust
Asset Protection Trust can provide a solution to the following very common problems:
- Probate– when you pass away it is up to your executors to deal with the distribution of your estate, this can be very time consuming and expensive at a difficult time. However if assets are already in a trust they do not form part of your estate and are those assets are available to beneficiaries without any delay and there is a substantial saving on probate fees.
- Protection from inheritance tax and can help protect from care home fees – the property is now owned by the trust and therefore may not be included for means testing, and can help to reduce your estate for inheritance tax purposes.
- Sideways disinheritance – this covers the scenario where children or other chosen beneficiaries can become disinherited by partners who you would want to benefit from your estate remarrying or beginning a new relationship.
- Incapacity – As assets are placed in a trust if you were to become unable to manage your own affairs effectively the other named people that you trust are able to do deal with your assets in the same manner as you could. Thus, your relatives are able to easily take control if ever needed.
- Claim over the division of your estate once you have passed away – the law does allow certain people to contest your Will once you have passed away if they do not feel that they have been adequately provided for. However this is a claim against inheritance not again life time trusts, therefore potentially limiting the amount that could be claimed.
For more information on the Property Protection Trust please do contact us on 01603 750008.