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Protect assets for your family
Family Trusts, commonly known as Family Protection Trusts, Property Protection Trusts or Inheritance Protection Trusts, are used primarily to protect assets for family beneficiaries. These Family Protection Trusts avoid expensive probate fees, minimises care costs and many other risks. They are considered the safest and most affordable means to ensure your inheritance wishes.
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Here at Charterhouse Inheritance Planning in Glasgow, we have set up various types of Family Trusts for clients across Scotland, depending on their circumstances and requirements.
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Family Trusts for family protection:
These trusts, sometimes also known as a Property Protection Trust, give discretion to the trustees to manage the assets within for the benefit of the intended beneficiaries. Without this inheritance protection, things can go badly wrong.
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Property Protection Trusts:
A Property Protection Trust is a legal arrangement. You and other persons you appoint are the trustees. The trustees hold your property and other assets on specific terms.
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Discretion of a Family Protection Trusts:
These Inheritance Protection Trusts provide the discretion to the appointed trustees. An Inheritance Protection Trust protects your estate for your benefit, and the benefit of your intended beneficiaries.
Inheritance planning advice
In basic terms, you transfer the assets you wish to protect into your Family Protection Trust. This action takes these assets out of your estate. This avoids all the potential risks that threaten to reduce the value of your estate. An Inheritance Protection Trust may be established for a number of reasons. Often, they will be set up mainly for the purposes of inheritance tax planning. Or it may be to avoid expensive Probate costs.
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The flexibility of a Family Trust:
A Family Protection Trust creates a great deal of flexibility. This allows trusts to be used in providing solutions on other issues.
Unlike a Will, a Family Trust does not necessarily need to die with you. Assets within can remain in the Trust to be managed by your trustees. That is until it is the right time to pass on inheritances.
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Charterhouse Inheritance Planning set up Family trusts in partnership with Dallas McMillan Solicitors. We offer appointments 7-days a week in the comfort of your own home, just get in touch.
Benefits of a Family Trust:
There are many benefits, which will depend on your financial and family circumstances. It is important to stress that no matter what you and your families circumstances are at this time, this may change over a period of time.
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A standard Will may not be enough:
On its own, a Will does not have the flexibility to legislate for any changes in family life. Family Protection Trusts provide the flexibility to provide inheritance protection and peace of mind.
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Ensure your inheritances:
It does not matter what changes may occur in the future. Your wishes for passing on inheritances will actually happen.
A Will Trust may give you some limited protection in the future. However, a Family Trust affords you full protection from day one.
Creating a Family Trust:
Before you set up a Family Trust there are many issues for you to consider. Every situation and financial circumstances will differ from others. Each family will take a slightly different approach.
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Relative to your circumstances:
Any decision you make on setting up a Family Trust should not be considered without a full detailed review of your relevant circumstances.
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Expert knowledge and advice:
Charterhouse Inheritance Planning is a professional inheritance planning company. We have specialist expertise knowledge in this area of legislation and can assist you ascertain your options.
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A seamless process:
Setting up a Family Protection Trust may appear at the outset to be a complex procedure. However, with the right people to guide and advise you, the process can be made to appear simple and seamless.
Book an appointment with us
Family Trusts are a great way to protect your assets for your family. Find out which options are best for you by emailing colin@cipscotland.co.uk or giving our office in Glasgow a call.
