Used for asset protection and family provision for the future generations.
Make sure that someone is able to make decisions for you should you become unable.
The asset that people worry about the most is usually the most valuable - their home. In order to choose what happens to your share of a property then you must own the property as Tenants-in-Common. We can provide help with this should you require it. We can advise on a variety of trusts including:
Bereaved Young Person's Trust
Used to delay someone's inheritance up to the age of 25 years.
Gives the trustees the power to use their discretion in distributing the inheritance to the chosen beneficiaries.
Protective Property Trust
Can be used to protect the family home from any taxes or fees in the future..
Flexible Life Interest Trust
Similar to a Protective Property Trust, upon death of the life tenant it becomes a Discretionary Trust. This gives ultimate flexibility though requires careful consideration of tax implications.
Disabled Persons Trust
Used to benefit a disabled person in a more tax efficient way.
To know what is best in your situation, contact us today for a free consultation. These can be used in conjunction with a new Will to give your assets the best protection.
A Lasting Power of Attorney (LPA) is a legal document enabling you to nominate a trusted friend or relative to handle your affairs if you lose capacity. You can also outline your wishes regarding key decisions that will need to be made. If someone doesn't have an LPA and needs help then an application is made via the Court of Protection which is not only time consuming but can cost in excess of £1,000.
The two most common LPA's are:
Health & Welfare LPA
For decisions about personal welfare: from day to day living to refusing life sustaining treatments. The LPA has to be registered and can only be used once the donor lacks mental capacity.
Property & Financial Affairs LPA
This is for decisions about how the donor's property and money is managed. Once the LPA is registered it can be used immediately; there's no need to wait for the donor to lack mental capacity.