Trusts: why most people should consider investing in a Trust.
Trusts have all sorts of uses in legal and tax planning. A trust may well be right in your situation. Here are some examples of when a trust may be of benefit to you or your family.
- You are unmarried but living together or considering marrying but want to keep your assets for your own family, without disadvantaging your partner.
- Remarriage after divorce or the death of a partner is a time when trusts could well keep everything simple.
- Trusts are really useful if you are unsure that your children will be wise with money, or are worried that they may get divorced and lose half of any inheritance, or you just don’t trust their partners. Courts may sometimes look behind a trust on divorce but they do not always.
- Death in service benefits or life insurance can be ring fenced and kept outside your estate for inheritance tax purposes with enormous savings.
- Your home can be put in trust so that it avoids probate delays and (sometimes more important) probate disputes.
- Protection for family members who are not really able to manage their own affairs or are easily influenced. You don’t want an inheritance squandered.
Those are just a few examples. A family trust could still be looking after members of your family over a 100 years after you have died, reducing Inheritance Tax bills and making grants or loans to family members.
Trusts and Inheritance Tax.
Loans can be especially useful if a family member is not in a good domestic situation, or if they already have an inheritance tax problem. Why give the taxman 40% when you don’t need to with advance planning? With the help of our in house tax barrister, your hard work could be benefiting future generations of your family and not the Taxman. We offer this (and our other services) not just to people in the Eastbourne area but throughout England and Wales, so do feel free to get in touch.
If you think that a trust could form a useful part of your legal planning, why not get in touch? We will be happy to have a brief informal chat to see if it is worth looking at how they could fit in with your wishes in greater detail.