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When it comes to your assets, it is important to take measures to protect them. This is true when it comes to your property. It is likely to be the biggest asset you own.
A property protection trust is one way you can safeguard your property. And provide for your loved ones. Wills 4 Less will explain what a property protection trust is. And why you might want to consider setting one up.
When it comes to your assets, it is important to take measures to protect them. This is true when it comes to your property. It is likely to be the biggest asset you own. A property protection trust is one way you can safeguard your property.
And provide for your loved ones. Wills 4 Less will explain what a property protection trust is. And why you might want to consider setting one up.
Your family home is likely your most valuable asset. It is only right that you wish to support future generations. Your home in a trust assets will be the greatest value. The most valuable asset for most is their home.
What do you do if your surviving spouse needs care and family members cannot provide this? How will you cover the care fees? Here we discuss power of attorney, expert guidance on the financial situation and concise legal advice.
Unlike other types of trusts, you can continue living in. Using the property while it is held within the trust. Covering England & Wales we can offer a no obligation quote and discuss the legal process with you.
You can set up a property protection trust. For a variety of reasons.
One of the biggest benefits is that it can help you protect your property. Included in your estate for inheritance tax purposes.
This is because the property is no longer legally owned by you.
It is part of the trust, which is a separate legal entity.
The value of the property is not counted. As part of your estate. When calculating inheritance tax liability.
Another benefit is that a property protection trust. Can help protect your property from being used to pay for long-term care costs.
If you need to go into a care home. And your assets are assessed to pay for the costs. The property owned by the trust may be protected.
This is because, the value of the property does not belong to you.
Your beneficiaries are the beneficiaries of the trust instead.
When you set up a property protection trust. You will need to appoint trustees to manage the trust.
Trustees have legal powers. They are required to act in the best interests of the beneficiaries.
They will be responsible for managing the trust’s affairs. Including maintaining the property. Managing any income it generates.
Setting up a property protection trust. Is a decision not to be taken lightly. It’s crucial to seek professional advice. To determine if it’s the right option for you. There are ongoing costs involved. Including legal and admin fees.
A property protection trust can be a useful way. To safeguard your property. And to ensure your loved ones benefit from it.
It can help reduce inheritance tax liability. Protect your property from long-term care expenses. Provide peace of mind that your assets are secure.
Seeking professional advice and consider the decision. Before proceeding is essential. This way, you can make an informed decision. Ensure the trust will meet your specific needs.
STEP ONE
Hire a pro: If you want to establish a property protection trust, it’s crucial to consult with a professional. They’ll guide you through the process and handle all the legal formalities. Deciding to create a trust can be complex, so it’s always wise to seek expert advice.
An experienced solicitor can help you set up your trust and address any queries or apprehensions you might have
STEP TWO
Fund the trust: Your property protection trust will not function without assets.
Hence, the trust must be properly funded.
Benefactors can fund trusts during their lifetime or upon passing.
Funding a trust will be different for each family since it will depend on the assets owned and the family’s circumstances.
This step is where professional advice is crucial since many factors will impact the funding decision.
STEP THREE
Choose the right kind of trust: When it comes to setting up a property protection trust, it’s essential to select the right type of trust.
Three types of trusts are popular in the UK – bare trusts, discretionary trusts, and lastly, interest in possession trusts.
The type of trust you choose will depend on your specific circumstances and your preferences.
It’s essential to work with your solicitor to determine the most suitable type of trust to meet your objectives. Complete our online enquiry form today. We can help you plan for unforeseen circumstances. Avoid panic in financial circumstances. A member of our team can discuss tax planning, asset protection, legal services and lasting power of attorney.
