There are many types of trust that come under the umbrella of the above and there are many reasons why you may want an asset protection or family protection trust. These include
the reduction of inheritance tax
minimising a claim against the estate by a disgruntled beneficiary left out of a will
making provision for beneficiaries with learning difficulties
contemplating marriage and wishing to protect assets
wishing to protect assets from means tested financial assessments by the Department for Work and Pensions or local authority so as to preserve an inheritance if you need to go into long term residential care
In order to give good advice your legal advisor needs to have knowledge of the various statutory provisions and general principles of law that exist to frustrate schemes for the protection of assets.
It is therefore extremely important that you consult your solicitor about these types of trust before proceeding further. Your solicitor will often know you and your family situation and will be able to advise you properly as to whether these trusts are appropriate in your circumstances. Your solicitor can retain a file so that if there is any difficulty with these trusts in the future your solicitor will have a record as to the reasons for the establishing of the trust. This is important as certain trusts can be set aside if they have been set up for the purposes of deliberately depriving yourself of assets.
If you do not have a solicitor then contact one in order to see whether they specialise in these types of trust and can advise you appropriately.
You will often find that a solicitor can carry out the work for you at a fraction of the costs charged by so called professional will writers.
At Dixon Stewart we have experience in advising on these matters and in advising on wills, inheritance tax matters, probate and lasting powers of attorney.
We offer free home visits, free initial interviews and free storage of your wills and deeds
Contact Helen Stewart on 01425 279222 or Kelly Taylor on 01425 621515 if you would like any assistance with your legal affairs