There are many issues an estate can face that cannot be addressed by a Will alone.
Your Estate can face a number of issues
- Executry/Probate costs can significantly reduce the amount your beneficiaries receive. It can also take a significant time before your estate can be released. Assets in a Trust are not affected by the Executry/Probate process. This greatly reduces the amount to pay in legal costs and the assets can be distributed straight away.
- Sideways disinheritance. People are increasingly remarrying after their partner has passed. Often, Wills are redone to leave the surviving partner’s estate to their new partner. The new partner can then, effectively disinherit the surviving spouses children. Leaving assets through a Trust can avoid this.
- Children With Problems – sometimes it is not wise to leave a lump sum to a child. If a child inherits through a Trust, that inheritance is protected against:
- Matrimonial Issues – the inheritance would not be taken into assessment in any divorce
- Financial problems – creditors cannot lay a claim against the inheritance
- Disability benefits – Inheritance not taken into account for assessment
- Alcohol, drugs or gambling problems – sometimes a child needs t be protected for their own good.
- Legal Rights (in Scotland). Although it is difficult to disinherit children through a Will in Scotland, having your assets in Trust avoids this issue
- Incapacity – Having a Trust means that there is an extra layer of people who can help you with your affairs. This is a great complement to a Power of Attorney.
Why You Should Have A Trust In Place?
Centurion Estate Planning Group have trust specifically designed to protect you and your assets during your lifetime. This will give you and your family peace of mind that your estate will be passed onto to your beneficiaries and their blood line while your both alive and after your death.
When you die, your estate is distributed immediately – no need for probate.
- Your children can protect their assets within the trust
Your children can use the trust to protect their own assets and help reduce inheritance tax.
- Executed by trustees
The Will instructions are carried out by Trustees (professional solicitor) acting only in the interest of your wishes.
- Provide assistance to beneficiaries while your still alive
If the Settlor wishes, the Trustees do not have to wait for the Settlor to die to provide assistance to the beneficiaries. They can see their beneficiaries benefit during their lifetime.
- Avoid disinheritance
Sideways disinheritance is a common occurrence in the event that one of you were to remarry the inheritance would be protected from moving sideways to a new spouse as with second marriages it is possible that inheritance can be passed to another family. This can be avoided with the Asset Protection Trust, as you are in control and can specify who will inherit.
Looking to put a trust in place? Let Centurion lead the way, simply complete our simple contact form or give our experienced team of estate planners a call and let us help you.