Why you might need a Family Protection Trust?
The purpose of a family protection trust is to protect your assets against risks that you may face as you get older. A trust is a way in which you can hold certain assets that you may have, such as money, land or investments, in a way that benefits another person.
You can appoint a ‘trustee’ who will remain legally responsible for holding the assets in the trust on behalf of the beneficiary that you have chosen.
Giving you peace of mind at a difficult time
A family protection trust is a great way of protecting your assets from any risks that may arise in the future, because in the eyes of the law, the assets are owned by the Trust, rather than by you as an individual. This means that you can ensure that whatever is in your Will can actually be carried out after your death.
Putting assets into a trust means that risks such as sideways inheritance, children inheriting at the wrong time and claims on your estate will not affect the assets in the trust, assuring you peace of mind during this process.
Do I need a trust? What is it?
A Trust is a formal arrangement that can be used independently or in conjunction with your Will. Trusts are created to ensure that assets, such as your home or a lump sum of cash, pass to a loved one without any problems. You choose the "Trustees" (the individuals in charge of managing it), as well as the "beneficiaries" (the individuals who will receive it). Simply defined, a Trust protects and a Will provides direction.
With our knowledge and experience, we take into account all of your Estate as part of our Legacy Planning consultation, and we always advise that you think about the advantages of establishing a Trust as part of your Will where appropriate.
Your will is safely stored, giving you piece of mind.
The only document that will be accepted at your local Probate Office is your original, signed, and witnessed Will, and it must be in good form so that your chosen Executor won't have any problems carrying out your desires.
We recommend your most recent Will is kept in secure storage to provide quick access and to guard against damage from water, fire, theft, or purposeful destruction by someone who stands to lose out. Your beneficiaries may not inherit as fast or as anticipated if your will is lost or damaged, which will make managing your estate difficult and time-consuming for your executor and loved ones. The government's rules of intestacy will be applied to your inheritance if the original Will cannot be found for whatever reason, which could result in the people you want to inherit not getting anything and raising the possibility of your estate being diverted to people that you wouldn't want to inherit.
Your documents are maintained in a secure location with Town & Country Legal Solutions's safe and secure storage service, and you and your Executors (if necessary) will also have access to a secure internet portal where digital copies of your documents are saved. Additionally, Certainty - The National Will Register has your Will on file. If your family was unable to locate the Will right away, a search of the registry would reveal that Town & Country Legal Solutions had created it, giving them quick and simple access.
You don't even have to leave the comfort of your home to speak with Town & Country Legal Solutions's experienced legal advisers about your intentions. They will meticulously lay out in plain English how you want your estate to be run, while also making sure that it complies with all applicable laws.
Because our professionals are certified and affiliated with the Society of Will Writers, you can depend on a competent, open and considerate service.
Call us on 0800 111 0000
to see how Town & Country Legal Solutions can help with all your Legacy Planning needs?
Town & Country Legal Solutions