Will Trusts, which are written into your Will, are used for a variety of reasons, such as;
- to help protect and safeguard your personal assets (such as your home and savings) for children or other beneficiaries after your death. Remarriage and Divorce are major factors in modern times and standard Wills do not give any protection at all against these concerns.
- to provide a home for someone after your death (an unmarried partner, adult child, friend or an elderly relative) for a specified period of time before the property passes to the ultimate beneficiaries. The ultimate beneficiaries are unable to forcibly remove the ‘tenant’ and sell the property until the specified time has passed.
- to protect a disabled or troubled (alcohol/drugs/gambling) beneficiary’s inheritance.
ASSET PROTECTION TRUSTS (APT) (also known as FAMILY TRUSTS)
Asset Protection Trusts are used for a variety of reasons and are set up NOW, during your lifetime.
These Barrister drafted Trusts have significant benefits over Will Trusts and are used for many reasons such as;
- protecting your estate from 3rd party claims
- to ensure bloodline planning for future generations
- to prevent your estate diluting though divorce or remarriage of a beneficiary
- to mitigate inheritance tax liabilities for future generations
- to remove the lengthy, costly process of probate after your death allowing instant access for beneficiaries because Assets held in an APT typically do not require probate
There are other possible benefits which we are happy to discuss with you!
See our FAQ section for more on APT’s and Family Trusts.