Protect your assets!
You might already know what a Trust is, but did you know it is not just wealthy landowners or nobility who can use them? Having a Trust in place that protects you and your loved ones is essential, and there are many benefits to having a Trust when it comes to your potential beneficiaries.
If your assets are distributed directly to the beneficiaries of your Will, they essentially become part of their estate, leaving them open to attack from several issues. These issues can often have a serious impact on young dependants, vulnerable adults or those who aren’t capable of making their own decisions.
The inherited assets are at risk from the following issues:
Remarriage after first death – where a new marriage cancels out an existing Will, meaning your children could end up inheriting very little, or worse, nothing at all.
Divorce / separation of beneficiaries – where your child’s spouse is entitled to half of their inheritance after they divorce.
Creditors / bankruptcy claims – if one of your children starts a business which then runs into financial trouble, they may have to pay off their debts / outstanding loans with the money they have inherited.
Care costs – where the council take your family home away from your children in order to pay for your care fees.
Taxation – where your children and grandchildren are slapped with a huge (and ever increasing!) inheritance tax bill after everything is left to them absolutely.
Having a Trust in place protects your assets from all of these risks. It protects the family home, investments and any business or agricultural assets, ensuring that you can pass these onto your loved ones after you are gone.
To learn more about the benefits of Trusts and how a Trust can protect your hard-earned assets, contact us now on: Tel: +44 7831 379562 (UK) or +34 622 374 738 (Spain), or email help@sallyherdman.com