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A Trust is a way of managing assets (money, investments, land or buildings) for people. There are many different types of Trusts; we can help you determine which one is most applicable for your circumstances.
Please get in touch to speak to one of our consultants and find out how a Trust can benefit you and your loved ones.
Assets can be added and removed from the Trust during your lifetime to suit your needs and wishes. If you have large expenses that cannot be met out of normal income for example a new car, holiday, or house repairs, the appropriate sum can be transferred to your bank account from the Trust.
It is a common misconception that a Will ensures that the assets you have worked so hard to acquire during your lifetime, are passed onto children and chosen Beneficiaries after your death. A Will can only dispose of the assets that you own at the date of your death; if the value has eroded during your lifetime, the Beneficiary will obtain what is left. A Trust ensures that even during your lifetime your assets cannot be eroded by any third party.
Property Protection Trust:
Trust within your Will that allows you to leave your share of your property to your chosen beneficiary, giving them a life interest or a right to reside in the property. A severance of tenancy document is used to change the ownership of the property from joint tenants to tenants in common - giving you both ownership of equal shares.
Family Asset Protection Trust:
FAPT enables you to put your property and/or other assets in Trust whilst you are still alive, you also retain full control. Following your decease, the Trust and its contents pass down to the beneficiaries of your choice, allowing future generations to inherit via Trust Law.
Family Asset Protection Trust Plus:
Building on a FAPT an FAPT+ is a Trust that enables you to work with multiple properties and assets.
If you lose mental capacity, your Trustees can make decisions on your behalf in regard to the Trust but these must be for your benefit. The Trustee is able to add or remove assets or use the income from the Trust to help you and improve the quality of your life. Assets held outside the Trust will fall under the control of the courts.
After your death, the Trust continues to work to protect your assets for your Beneficiaries. The Trust can continue to hold assets safely within it, or pay them out to the specified Beneficiaries. The Trust is extremely flexible after your death and has the potential to continue protecting your family for 125 years from the date it was created. That means that, all of the benefits described can not only protect you and your children but can also protect your grandchildren and even great-grandchildren!
Trust - a legal obligation given by a person called the Donor or Settlor, binding upon the Trustee, for the benefit of another person (the Beneficiary).
The person who sets up the trust is named as the Donor and gains full control of the assets within the Trust whilst living with full mental capacity. The donor is free to move home, or release equity from the Trust at any time. As the donor, you have a guaranteed right of occupation in the property for the remainder of your life. The Trustees (whether blood relative or not) cannot evict you under any circumstances.
Once the Trust has been created, you can use it to safeguard your assets. Most people will protect their home and their savings, leaving funds in their bank or other savings account for ongoing living expenses. Income from savings protected within the Trust can be paid directly into your bank account to supplement income from earnings or pensions.