You can give another party authority to handle your assets for the benefit of a third party, your beneficiaries.
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In today’s world, trusts can be used in a number of ways, to prevent children disinheriting, protect assets and make provision for those you care about.
If you are in a second relationship, have a business, a vulnerable child, a pension or life insurance, it may be worthwhile discussing a trust. As well as tax benefits, trusts can give you peace of mind your family and loved ones will be taken care of for years to come.
Many people will want to protect their property and assets from local authorities, HMRC for inheritance tax and sometimes ex-partners or family members.
It is designed to enable joint owners to be flexible with who receives their share of the property (not just automatically passing to the other joint owner).
Upon death of the first owner, one share of the property will be protected from interference by third parties.
Should the surviving owner require care in the future, this share will also be protected against assessment for care fees.
It offers protection against disinheritance in the event of the surviving owner re-marrying or deciding to gift their share to someone else.
If the surviving owner faces large care home fees or financial difficulty, the first share will still be protected.
The surviving owner can remain in the property for their lifetime, without the risk of being evicted by the trustees.
If deemed appropriate, the surviving owner can sell the residence and buy another. Any profit or residue will be split between them and the trust.
Usually the trust will appoint at least one other trustee alongside the surviving owner to manage the trust.
A trust was once considered to be only for the rich, but it should now be considered by many as a means of preserving wealth and ensuring your family’s future for generations to come.
Please call or email us to discuss how Southeast Legacies can establish a trust for your family.
A very useful tool when preserving interests in property is severance of tenancy. Most couples will own their property as joint tenants, meaning that when one of them passes away their share will automatically pass to their spouse or civil partner.
When a tenancy is severed, they become tenants in common.
Tenancy in common means each owner possesses a percentage of the property. This is usually 50% each, but can be altered to any percentage (if one owner has contributed more to the purchase for example).
This application can be done either mutually or by notifying the joint owner. The correct procedure must be followed in order for it to take effect.
Please contact us to discuss how we can assist with severance of tenancy.