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A Will trust is a legal arrangement that allows assets such as property or money to be looked after for the benefit of the beneficiaries named in the Will. Trusts are often used to hold assets for children until they are old enough to receive them.
We can help you to set up a Will trust to look after assets for the benefit of your children.
Some people decide to set up a trust during their lifetime, and pay money into it on a regular basis. They can appoint themselves as a trustee and will have control over the money held in the trust. The law considers money held in a trust as separate to that of your estate, so the value of your estate is lowered, which means that less inheritance tax is payable.
Putting assets into trusts can in some cases reduce or even eliminate inheritance tax liability for an asset; it can also help to keep the value of the estate within the nil-rate band.
A trust can be used to provide for your spouse while keeping the estate intact to be passed to your children. It can also be used to protect the family home from being sold in order to pay for residential care.
When setting up a trust there are three main people who will be involved: a settlor, a trustee and a beneficiary.
The settlor puts money, property and other assets into a trust, under which they are managed by the trustee, until they are handed down to the beneficiary, after the settlor has passed away.
There are different types of trust designed to meet different kinds of needs. The type of trust you use will depend on who the beneficiaries are, what the assets are, and how and when you want the assets to be distributed. We can help you to set up a trust appropriate to your needs.
Under certain circumstances a deceased’s Will can be changed after their death.
A Deed of Family Arrangement (sometimes called a Deed of Variation) allows a beneficiary mentioned in a Will, or a beneficiary under the laws of intestacy if there is no Will, to redirect his or her benefit to another person of his or her choosing. This means that beneficiaries can take full account of family circumstances, and the tax laws at the time of death, and the estate of the deceased can be distributed in the most tax efficient way possible. However, there are strict rules that have to be followed for a Deed of Family Arrangement to be valid.
A common use for Deeds of Family Arrangement are where a surviving elderly parent dies leaving their estate to their children where one or more of the children is sufficiently wealthy so as not to need their legacy. A Deed of Family Arrangement will e`nable the parent’s Will to be amended so that that child’s share passes to their children, the deceased’s grandchildren, either directly or in Trust thus saving Inheritance Tax. We can advise and assist you to put into effect a valid Deed of Family Arrangement.