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Estate Planning & Trusts
Your estate includes your property, possessions, savings and investments
What is a Trust?
A Trust is a legal method / process of managing your assets (money, investments, land or buildings). There are different types of trusts and they are taxed differently. The key participants are:
the ‘settlor’ – the person who puts assets into a Trust
the ‘trustee’ – the person who manages the Trust
the ‘beneficiary’ – the person who benefits from the Trust
Trusts are set up to:
control and protect family assets and handle the affairs of someone who is considered too young
handle the affairs of someone who is incapacitated
pass on assets while you’re still alive
pass on assets when you die (a ‘Will Trust’)
How do Trusts work?
The settlor decides how the assets in a Trust should be used – this is usually set out in a document called the ‘trust deed’.
Sometimes the settlor can also benefit from the assets in a trust – this is called a ‘settlor-interested’ trust and has special tax rules. Contact us for more information.
The trustees are the legal owners of the assets held in a Trust.
Their role is to:
deal with the assets according to the settlor’s wishes, as set out in the Trust deed or their will
manage the Trust on a day-to-day basis and pay any tax due
decide how to invest or use the Trust’s assets
If the trustees change, the Trust can continue, but there must always be at least one trustee.
There might be more than one beneficiary, for example a whole family or defined group of people. They may benefit from: the income of a trust only, for example from renting out a house held in a trust; the capital only, for example getting shares held in a Trust when they reach a certain age both the income and capital of the Trust.
Protective
Property
Trusts
Transfer property ownership into Co-ownership as Tenants-in-Common
Trust comes into force on death of first Co-owner
Co-owners nominate ultimate beneficiary
Surviving spouse remains in property with ‘life interest’
Co-owners can sell and move and benefit from income
Protects assets against care home fees
Protecting Your Assets
'In this world, nothing is certain except death and taxes,” - Ben Franklin
Protego-te is Latin for ‘protecting you’ and our vision is to provide you with clear, concise and informative knowledge as to how you can protect assets for those you wish to benefit once you have passed away.
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