How can I pass on my assets to my family securely?
A Trust is a legal structure that can permit certain assets to be held and managed safely, usually for the benefit of others, often in a way that can be tax efficient. You can pass on your assets in the event of your death using Trusts, but they can also work as part of your financial planning when you are alive.
Trusts can work with your Will to set out your legacy strategy in detail. The aim of a Trust is to give you the legal flexibility to pass on your assets to your beneficiaries exactly how you want to, and often to safeguard them too.
Trusts can be complicated, which is why professional assistance is a must.
Different types of Trusts
There are many different types of trust, and each has a specific function and purpose. Some of the most popular are Will Trusts, Lifetime Trusts, and Discretionary Trusts.
Will Trusts, Lifetime Trusts and Discretionary Trusts
- Will Trusts are often used by married couples/civil partners to ensure that the family home is passed on appropriately and securely in the event of one partner passing away. In specific scenarios, Will Trusts can offer potent benefits in the area of care home costs and inheritance tax. They come into effect on death and can also be useful for protecting assets that would be passed to minor children.
- Lifetime Trusts can be useful as they can potentially allow you to reap financial benefits by placing assets, such as a property, in a Trust whilst you are still living, so that it falls outside of your estate for inheritance tax purpose.
- Discretionary Trusts allow you to pick and choose multiple beneficiaries to a Trust set-up, rather than just a single recipient, and can offer flexibility. They are popular to fund education for grandchildren or to look after someone who is unable to manage their own affairs
This can be a complex area, especially for someone not resident in their home country as there can be additional tax considerations.
Let our expertise guide you on some of the ways to protect your assets and legacy, and to provide for your family at the same time, in the way you want it done.
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