Personal Trusts WarringtonAll of our clients want to ensure with great certainty, that the wealth created from their own blood family is not diluted after they have died. The bloodline can affected by several factors: divorce; bankruptcy; wayward children and disability to name just a few. The effective use of personal trusts to protect the family wealth has been a planning technique since the late 13th century. This is generally known as “bloodline”planning. Trusts help to maintain the assets within the family bloodline for upto 125 years.
With drastic changes to the modern family make-up, families are becoming more aware of the need to protect what is in their family for future generations.
One of the biggest unknowns to most people who have a valid will is the probate process on death. Any assets over £5,000 will have to go through this process before the estate can be passed to the beneficiaries. On average this process takes around nine months (UK) and costs up to 6% of the value of the estate at the time of death, for a solicitor to handle the process for the family. Holding assets in trust can mitigate the probate process entirely, as the assets are in trust for the next generation at time of death. This will not only save time, but can save tens of thousands of pounds in legal fees.
Warrington Personal Trusts
When our Warrington IFA are advising on the need for a trust, our planners need to understand the reasons a family wish to use it. A trust can potentially shelter property and other assets from means tested benefits including long term care. However, the law and rules are complicated and constantly changing and you must take care to ensure your planning complies with known current and potential future rules.
- How would you feel if your family had to pay Inheritance Tax unnecessarily?
- How would you feel if you had unnecessarily placed a burden and future costs on your beneficiaries?
- How would you feel if you lost your families wealth to pay for care home fees?
Call our team of Warrington personal trusts and estate planners at Assured Wealth and Estate Planning for helpful advice in this area.