Family Asset Protection Trusts - What you Need to Know

A Trust is the transfer of assets (for example property, shares or money) to a group of people or to a Trust company which comes with specific instructions that the assets be held for the benefit of others. Here at QualitySolicitors Brennans, we seek to provide the people of Wallsend, Whitley Bay and the surrounding areas with the necessary advice and professional help regarding the administration of Trusts and the protection of your assets.

The Four Benefits of a Family Asset Protection Trust

1. Save on Probate Costs:

If a client places their assets into a Family Asset Protection Trust, no probate procedure needs to be carried out upon their death.

2. Avoid Sideways Disinheritance:

If a client dies, leaving their assets to their spouse and their spouse remarries in the future, the estate may then transfer to the spouse's new husband or wife. Should the new partner not put this right before their death, the estate could then fall to his or her children, rather than the original couple's children, who would be disinherited. Assets in a Trust protect children against this disinheritance.

3. Allow for Personal Circumstances:

Should a client's child suffer from problems such as gambling, drug or alcohol addiction, it may not be wise for them to have immediate access to their parents' assets, should they pass away. Although we would always hope this is not the case, it does happen and cannot always be foreseen by parents. Placing your assets in a Trust grants the Trustees the power to decide when you would have wished for your child to receive your assets to both protect the assets and benefit the child, should such a problem arise.

4. Incapacity:

If a client places their assets into a Trust, they can avoid the costs of setting up an LPA. This way, if a client does lose mental capacity due to injury or illness, the Trustees take their place and control the Trust assets on their behalf.

Wills and Probate

If you want to be sure your wishes will be met after you die, then a will is vital. Here are 6 reasons why it's important to make a will.

Estate administration

Upon the death of a relative, administering their estate is an important step to undertake. In some circumstances, this is more difficult because there is no will or it is somehow invalid. QualitySolicitors can guide you through what the right steps are.

Family Asset Protection

Free Will Scheme

Thanks to our exclusive partnership with Barnardo's, if you're aged 55 or over, QualitySolicitors Brennans will bring your affairs in order and write your will without it costing you a penny!

Inheritance and tax planning

Planning ahead for when you die allows you to set out clearly who should get what from your estate. QualitySolicitors can help you think through your plans and their financial impact. Our aim is to ensure that your loved ones are cared for when you no longer can.

Making a will

For many of us, making a will is something we know we should do but never quite get round to. Of course, it’s important not to put it off and the good news is that at QualitySolicitors, making a will could be much quicker and easier than you think.

Trusts

For many of our clients, trusts are a useful way to assist in tax planning and to preserve assets. There are various types of trusts and they can be created during your lifetime or by your will. At QualitySolicitors Brennans, we offer help and advice regarding the administration of trusts for clients across Wallsend, Whitley Bay and the whole of Tyneside.

Will and inheritance disputes

The terms of a Will can cause distress. If there isn’t one, this is difficult too. QualitySolicitors can advise on any matter where a will or inheritance is in dispute.

Wills