Once exclusively the domain of Landed Gentry – Trusts – are now increasingly used by many regular families. With the rapid increase in home values, these often misunderstood vehicles of the ‘Super Rich’ are now available to all of us. As a simple rule – “if you own a home, you should be considering a Trust.”
Trusts have been with us since the middle of the 12th Century – and most assets, including savings and property can be held in a Trust. In England, Trusts last for 125 years and are able to protect children, grandchildren and great grandchildren from losing their inheritance through Re-marriage, Divorce, Bankruptcy, Care Costs and Generational Inheritance Tax. One of the keys is to start a Trust as far back as possible. You might want to ask your parents if they’ve considered a Trust, most have not.
A Trust can also be inserted into your Will to protect your children’s inheritance. The Trust allows your spouse or partner full lifetime entitlement to live within the family home and ‘ring-fences’ your half of the property – protecting it for your children or other beneficiaries.
For more information on protecting your assets please contact Farsight Wills at our Swindon, Weston-super-Mare or Portishead offices for a free – no obligation – discussion.