"For tomorrow belongs to the people who prepare for it today."
African proverb
Legal specialist in providing Later Life estate planning solutions and advising vulnerable clients.
Services
Family Asset Protection Trust
Are you concerned that your will doesn’t give you enough control over what happens to your assets af
Placing your assets in a Family Asset Protection Trust now will give you full control over those assets, both up to and beyond your death. This includes removing and appointing new Trustees so that your chosen beneficiaries will always have the right people in charge of looking after their inheritance.
What is a Family Asset Protection Trust?
A Family Asset Protection Trust is a robust way to protect and manage assets that you wish to pass on to your loved ones.
Unlike a trust that has been written into your will, a Family Asset Protection Trust becomes active immediately. As the Settlor of the Trust, you will decide how the assets you place in the trust will be disposed of. Your wishes will be formalised in a ‘trust deed’, and you will appoint the Trustees who will manage the assets accordingly.
For as long as you have capacity to make decisions, you can remove Trustees and appoint new ones. You retain full control while you are alive and have capacity.
A Family Asset Protection Trust lasts for 125 years, giving you long-term control over the future disposal of your assets. By placing assets in trust, you can shield them from third party claims. For example, if your spouse finds a new partner after your death, they will be unable to make a claim against the protected assets.
Family Asset Protection Trusts can also shield assets from the actions of beneficiaries. For example, you can ensure that Trustees manage the assets on behalf of an unreliable beneficiary.
How a Family Asset Protection Trust Can Save You Money
Another advantage of setting up a Family Asset Protection Trust is that the Trustees do not require a Grant of Probate or Grant of Representation to manage and dispose of the asset (as long as there is no debt on the asset). Following your death, the Trustees will save both money and time in enacting your wishes.
In addition, a Family Asset Protection Trust may allow future generations to be able to save on IHT
I can help you to set up an effective Family Asset Protection Trust, ensuring you retain control over your assets both in the present and for the future generation.
Protect your estate from strangers
If your spouse finds a new partner after your death, a Family Asset Protection Trust can keep your assets safe from any claims they may make against your estate.
Maintain full control over assets
For as long as you have the capacity to do so, you can add and remove trustees to ensure your family’s inheritance is always in safe hands.
Reduce tax and probate costs
In certain circumstances, Family Asset Protection Trusts may allow future generations to be able to save on IHT. See above. In addition, where the Family Asset Protection Trust assets hold no debt, you will not need a Grant of Probate to administer the assets in trust.
Who is the Ideal Trustee?
Choosing Trustees to manage the assets in a Family Asset Protection Trust is an important consideration. In addition to being committed to realising your wishes after your death, they must be responsible and organised. We would often suggest yourselves and your children as Trustees (who are going to inherit anyway)
Trustees are required to meet annually and to take advice on tax, finances and trust administration as necessary. Professional minutes will need to be taken and these must include a list of the decisions agreed upon and the action steps proposed. We will discuss how we take care of this for you.
For advice or support in setting up a Family Asset Protection Trust, please get in touch.