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It is important that families have comprehensive plans in place to dictate how their assets and wealth will be handled after their death. One of the ways you can do this is by setting up a family trust. We have a dedicated team who can help you establish a family trust that sets out your wishes clearly and comprehensively.
To speak to a solicitor about our services and how we can set up family trusts to protect your assets and keep them within your family, get in touch with us by calling 0333 872 6666 or by filling in our online enquiry form and requesting a callback.
What is a Family Trust?
A family trust allows you to transfer assets to trustees who then have
They are also commonly referred to as a life protection trust, a spouse protection trust
Types of Family Trusts
The most common type of family trust is a life interest trust. Under these agreements, a person transfers their property into a trust that allows them to live in the property and also receive income from it for the rest of their life. Following their death, their specified beneficiaries become entitled to any capital generated by the property.
Other types of trust include:
- Fixed trust - beneficiaries are given a set amount of the wealth and assets
- Discretionary trust - trustees decide who gets benefits and by how much
- Interest in possession trust - beneficiaries can use wealth and assets until they die and then it is passed on
- Protective trust - beneficiaries are paid the interest and income on assets
The Benefits of Family Trusts
Setting up a family trust allows you to:
- Provide for your family
- Hold assets for a child under 18
- Provide relief from tax
- Protect assets being dissipated through divorce