26/12/2022
Family Protection Trusts
Trusts are an important part of estate planning as they allow clients to ensure that their assets can be ring-fenced and managed by trustees.
Let’s consider good reasons to use a trust.
Marriage After Death (Sideways Disinheritance)
Placing the family home and other assets into a Trust on first death ensures that, should the surviving spouse/partner marry in the future, those assets cannot be taken into the marriage and removes the threat of your own children being disinherited.
Divorce
Placing the assets into Trust ensures that, if your children/ chosen Beneficiaries are subject to Divorce proceedings then what you intended them to receive is protected from any Divorce settlements.
Solicitor Estate Costs
The family home is already placed in the Trust so when the Solicitor ties up the deceased estate, there will be a reduction in costs for the children, which could be up to £5.000.
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