A trust is a more comprehensive way of safeguarding and protecting your assets, such as money, investments, land or buildings, and ensuring they are distributed according to your wishes.
A trust can either be written in to your Will so it comes into effect upon your death, or set up during your lifetime. With a trust you can protect your beneficiaries and your legacy against certain ‘threats’. For instance, you may have vulnerable beneficiaries who are unable to responsibly manage a ‘lump’ sum inheritance. By including a trust in your estate planning, instead of that beneficiary receiving a one off payment, trustees will be able to manage the inheritance and payments to them as expressed in your wishes.
Trusts can also:
- Help avoid or reduce the cost of probate
- Help achieve harmony by providing a clarity of wishes and ease of distribution
- Makes the payment of any inheritance tax easier
- Protect against sideways disinheritance
- Stop future claims on your estate by people who you may choose to exclude
If you would like to discuss how a trust may be beneficial to helping protect your legacy, call us and book an appointment. Your consultant will be able to talk you through the benefits, what and when you should set them, and the associated costs.