Building up a sizeable estate is a lifetime’s work – the result of a lot of hard graft. As a result, it is understandable that you would want to pass on as much of that estate to your loved ones as possible.
Trusts are an excellent way to do that, ensuring that you can keep that money in your family for generations to come.
You can move your assets into a Family Trust and still retain control over them and access to them too. Those assets will then pass onto your loved ones after you die, according to the terms of the Trust.
So for example, you can use a Family Trust to ensure that a loved one only receives their slice of the inheritance at an appropriate time for them – perhaps after hitting the age of 21 – rather than immediately after you die. You can also set out terms for precisely how the assets need to be used, for example for covering specific living costs or university fees.
Equally, a Family Trust can protect your beneficiaries from losing some of those assets through life events, whether a divorce or insolvency.
Family Trusts can also prove particularly useful in getting those assets to your family soon after death, sidestepping the cost and time delays associated with the probate process. These costs can swiftly run into the thousands of pounds, while the actual probate process can take months and months, so these benefits are not to be underestimated.
Jim Emsley, from E.L.M Legal Services said: “It is only right that after spending decades building up an estate that you would want to pass as much of that onto your children and grandchildren as you can, and Trusts are a brilliant way to do just that.
“Just as important is ensuring that you write a Will. A Will is the best possible way to ensure that your wishes are carried out after you die, from making sure your assets go to the right people to outlining your funeral wishes.”