Using Trusts to Protect your Legacy
A trust is a legal concept that started in the Crusades and has been developed over the centuries to become a robust mechanism used the world over.
By using trusts to protect your assets, you are able to specify how and when your beneficiaries will receive a benefit from your estate. You can impose conditions or time limits on gifts to individual members of your family. This can be of enormous benefit to their long term security.
Leaving absolute gifts in your will:
- Your son or daughter's estranged spouse could receive a nice windfall from your estate.
- If your husband or wife who goes into care after your death may be forced to use the estate to pay for that care.
- After your estate has paid inheritance tax, the inheritance you leave your beneficiaries maybe subject to more inheritance tax when they die.
Making gifts via trusts you are able to:
- Protects your son or daughter from losing their inheritance in a divorce.
- Reduce the risk of losing your estate to the local authority to pay for your spouse's care fees
- Delay the gifts to your children or grandchildren until they are responsible enough to appreciate it.
Read more about our trusts by downloading our Trusts and Loan factsheet