If you want to protect your assets down the generations then it may be appropriate to consider creating trusts in your Will. Our asset protection solicitors can guide you through this process to ensure that your assets will transfer smoothly from one generation to the next.
One common scenario is a client wishing to provide for their partner during his or her lifetime while ensuring that after the surviving partner’s death the assets pass to the children. This type of situation involves the use of a trust and is often a concern for clients with children from more than one relationship.
A discretionary trust may also be included, which is a very flexible device and preserves the opportunity for tax planning following your death in light of the tax rules and family circumstances applicable at that time.
Some of the reasons for creating trusts in your Will:
- To prevent funds from being spent unwisely by a beneficiary
- To protect funds from a future divorce or bankruptcy of a beneficiary
- To protect against assets passing out of the family if a surviving spouse were to remarry
- To provide for minor children
- To provide for disabled persons
- To provide for vulnerable beneficiaries
- To keep assets within the pool of direct descendants
- To protect inheritance tax relief on assets that are exempt, such as business or agricultural assets
- To minimise inheritance tax payable by your estate
- Inheritance tax planning to qualify for the Residence Nil Rate Band
- Second generation inheritance tax planning
Our expert asset protection solicitors can assist with setting up the Will Trust when a client dies and administering the Will Trust long term if necessary.
We can also act as Trustees if required.