Will Trusts covering Farnborough & Surrounding Areas
Include a Trust in your will to protect your loved ones
A testamentary trust is a legal arrangement outlined in a will, becoming active upon your death. In this trust, specific assets and funds are designated for particular beneficiaries, overseen by a chosen trustee. It allows for a controlled distribution of assets, offering flexibility and protection for beneficiaries, including minors or those with special needs. Testamentary trusts are commonly used to address unique family circumstances, ensure responsible asset management, and potentially minimise tax implications.
The Bereaved Young Person’s Trust, or 18-25 trust, is a testamentary trust for the testator's biological or stepchildren aged 18-25. Conditions include a deceased parent, establishment through the parent's will, and compliance with the Inheritance Tax Act. Trustees manage assets until the beneficiary turns 18, gaining full entitlement at 25. This trust is Inheritance Tax exempt in specific scenarios, but exit charges may apply for beneficiaries between 18-25.
A Will-Based Discretionary Trust is a powerful estate planning tool, managing assets for beneficiaries with control, asset protection, and tax efficiency. It safeguards generational wealth through flexible distributions and shields assets from risks. A Letter of Wishes complements these trusts, offering non-binding guidance for flexibility, capturing family history, and preserving privacy. Together, they enhance generational wealth preservation in estate planning.
This trust ensures that if one partner passes away, their half of the property is protected from complications like remarriage, debt settlement, and care fees. The surviving spouse becomes a life tenant, retaining control without exposure to these risks. This trust prevents issues such as marriage voiding wills, divorce-related property disputes, and asset seizure for debt settlement or care costs. Including a Protected Property Trust protects your children's inheritance while offering the surviving partner control equivalent to sole ownership.