Asset/Lifetime Protection Trust
Protecting everything you have worked for should be a top priority when planning your estate. With your assets in trust, you can be sure that your property is out of reach from third parties.
Our estate planning team knows the intricacies of the different types of Asset Protection trusts, and we are on hand to recommend which one is best for you, depending on your situation.
Why is this the trust for you?
The Asset Protection Trust ensures that all your assets will ultimately pass to your children or your chosen beneficiary and cannot be eroded after death. We think it is important to highlight some ways in which the erosion could occur:
If your spouse remarries in the future, your assets and any inheritance could pass to the new spouse rather than to your children.
Following a divorce, your assets could be passed onto in-laws ahead of your children.
Family members could attempt to make an application to contest the will if they are unhappy about the distribution of your estate.
Your spouse becomes bankrupt, and their assets are used to pay potential creditors.
If your spouse needs to move into a care home, their long-term care fees will be assessed from their total assets, including inheritance, meaning this money is not passed onto your children and other beneficiaries.
The use of an Asset Protection Trust structure can solve these problems and provide you with the comfort that your loved ones will inherit your assets. With this trust, Paradigm can ensure that;
- Until your passing, you will retain the full benefit of all assets held in the trust and the power to appoint and remove the trustees.
- Whilst you are living in the property, the enjoyment of the property is your benefit.
- Assets can be dealt with by those you trust in the event of your incapacity.
- You control who inherits jointly-owned assets if a surviving partner remarries.
- Your property is passed on after death without delay.
- Your family saves money in probate fees, as probate will not be needed for the assets in the trust.
- The cost and possible delay involved in obtaining a Grant of Probate, which can be avoided if a trust is in place.
An inheritance tax specialist can provide tailored advice to help you navigate the complexities of inheritance tax. They can assist in structuring your will, setting up trusts, and making lifetime gifts to reduce the taxable value of your estate. Their expertise ensures that you make the most of available exemptions and reliefs, ultimately protecting more of your wealth for your beneficiaries.
With our continued support, we free you from the burden of worry and provide you with peace of mind that your assets will be inherited by your loved ones when you are no longer here.
At Paradigm Wills and Legal Services, we genuinely care about educating people on the importance of making a lasting power of attorney in Leicester. In an industry often loaded with complex legal jargon and a conveyor-belt mentality, we provide a paradigm shift in how we offer our wills services. We aim to supply fresh ideas, clear and straightforward explanations, and a service tailored specifically to you. With you at the centre, we strive to make the will writing process as transparent as possible.
Contacting us is free. Have a consultation or a home visit with one of our experts and discuss your options with no obligation.
Our team of seasoned legal advisors is always available to offer comprehensive support and expert advice. Whether you're looking to draft a will, establish a trust, navigate the complexities of applying for probate, or arrange for prepaid funeral plans, we've got you covered. Our goal is to simplify these processes for you, ensuring clarity and peace of mind every step of the way.
Get in touch
Feel free to discuss your options first with our team of solicitors and will writers in Leicester. Simply fill out the form, and we will promptly reach out and assist with everything you need to get started.
Protective Property Trust
Are you a joint homeowner? Do you have concerns about who will inherit your share of the residence? Find out more about protecting yourself, your partner, and your estate.
Disabled Persons and Vulnerable Persons Trust
Do you have disabled children?
Find out more about how to provide your children with financial stability throughout their lifetime.
Flexible Life Interest Trust
Do you want to ensure that your surviving spouse will have an income for the rest of their life? Find out more about how to provide for your partner with income from the trust and avoid inheritance tax.
Discretionary Trust
Are you concerned about the potential misuse of your assets? Find out more here about creating a trust which gives you control over when and how much your beneficiaries inherit.
