Discover the Benefits of Family Trusts
In navigating the complexities of estate planning, Family Trusts emerge as a cornerstone for securing your legacy with unmatched precision and foresight.
Our dedicated Family Trust services are designed to offer not just protection, but a pathway to fulfilling your estate planning goals with clarity and efficiency.
Here’s why a Family Trust is an essential part of your estate planning toolkit:
Asset Protection
Safeguard your assets from creditors, ensuring your wealth remains within the family and is passed on according to your wishes.
Flexible Distribution
Tailor the distribution of your assets to meet the unique needs of your beneficiaries, providing for their future without the constraints of direct inheritance.
Inheritance Tax Efficiency
Strategically reduce potential inheritance tax liabilities, maximising the value of your estate for your loved ones.
Provision for Vulnerable Family Members
Set up specific provisions to care for family members with special needs, ensuring they are supported without affecting their eligibility for personal benefits.
Control and Privacy
Maintain control over how your assets are managed and distributed, with the added benefit of privacy from the public record, unlike direct wills.
Prevent Family Disputes
Clearly outline the distribution of your assets, reducing the risk of family disputes over inheritance.
Securing Your Family's Future with Everest Estate Planning
By choosing our Family Trust services, you’re not just planning for the future; you’re actively shaping it.
We provide the guidance and support needed to ensure your Family Trust aligns perfectly with your estate planning objectives, offering a secure, efficient, and compassionate solution for managing your legacy.
Embark on a journey of thoughtful legacy planning with us, and rest assured that your family’s future is in safe hands.
In Will Trust Frequently Asked Questions
Why set up a Family Trust?
Setting up a Family Trust can help protect assets, control how your wealth is passed on to future generations, potentially mitigate inheritance tax, and provide for family members who may not be able to manage their own finances.
How does a Family Trust work?
Assets such as property, investments, or cash are transferred into the trust. Trustees are appointed to manage these assets on behalf of the beneficiaries, according to the terms set out by the settlor in the trust deed.
Who can be a trustee?
Anyone aged 18 or over can be a trustee, including family members, friends, or professionals such as solicitors or accountants. It’s common to appoint more than one trustee to ensure a balanced approach to trust management.
What are the benefits of a Family Trust?
Benefits include asset protection from creditors, provision for family members with specific needs, potential inheritance tax benefits, and control over the distribution of assets to beneficiaries.
Can a Family Trust reduce inheritance tax?
While a Family Trust can be used to mitigate inheritance tax liabilities, the rules are complex and depend on the type of trust, when it was set up, and the assets involved. Professional advice is recommended.
How are Family Trusts taxed?
Family Trusts are subject to several taxes, including Income Tax, Capital Gains Tax, and potentially Inheritance Tax. The tax treatment depends on the type of trust and how it is set up.
What are the different types of Family Trusts?
Common types include Discretionary Trusts, where trustees decide how to use the income and capital; Interest in Possession Trusts, where beneficiaries have a right to trust income; and Accumulation Trusts, where income can be accumulated and added to the capital.
How long can a Family Trust last?
Under UK law, most trusts can last up to 125 years, but the specific duration can vary based on the trust’s purpose and the terms set by the settlor.
Can I change the terms of a Family Trust?
Once established, a Family Trust’s terms are generally fixed. However, under certain circumstances, trustees may have powers to make adjustments, especially if all beneficiaries agree and it’s allowed within the trust’s terms.
How do I set up a Family Trust?
Setting up a Family Trust involves drafting a trust deed, appointing trustees, and transferring assets into the trust. It’s crucial to seek legal advice to ensure the trust is set up correctly and meets your objectives.
Can a Family Trust own property?
Yes, a Family Trust can own property, including real estate, as part of its assets. This can be an effective way to manage and protect family wealth.
Can I set up a family trust on my own?
For specific advice and guidance tailored to your personal circumstances, consulting with a professional experienced in UK estate planning is strongly recommended.
