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
- 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.
- 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.
- 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.
- 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.