PROTECTING YOUR ASSETS FOR FUTURE GENERATIONS.
Family Probate Trust by Town & Country Law
By putting a Family Probate Trust in place you are ensuring that your loved ones receive your Property in the quickest, most convenient way possible at the appropriate time in the future; whilst protecting you in your lifetime.
Your Family Probate Trust protects your assets and puts you in control:
- No need for probate for any assets in the Trust. This could save your beneficiaries thousands of pounds in unnecessary costs and delays.
- The owner (Settlor) of the Trust always maintains control of their Trust.
- Beneficiaries inherit quickly and hassle-free.
- Prevents sideways disinheritance.
Protects the Trust assets for your Beneficiaries in the event of a divorce, bankruptcy or other unexpected events.
- Children inherit at the right time.
- Flexibility to move home or sell your property as you choose.
Each Spouse grants the surviving Spouse a ‘Right to Reside’.
- Beneficiaries only inherit the Trust after all the Settlors of the Trust have deceased.
- There are absolutely no ongoing costs or charges for this Trust. Following the death of the Settlors (owners of the Trust) there are no additional costs to selling the property.
We reviewed our Trust instruments with a leading QC (Leading Silk, Tier 1 in Trusts and Tax) to ensure that we bring our Clients the very best services.
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What Lifetime Trusts do Town & Country Law offer?
Town & Country Law offer a Family Probate Trust.
Our Family Probate Trust is established in your lifetime and falls into the category of an Interest in Possession Trust. The Trust will have a Settlor, Trustees and Beneficiaries as well as a Life Tenant.
The primary purpose of this trust is to speed up the process of inheritance to your beneficiaries, and to avoid unexpected things happening in that process.
Many of our clients have experienced difficulties in dealing with a loved ones probate. Time delays and high costs being two of their biggest issues. The Family Probate Trust can assist in this, as the Property placed in to the Trust will not have to go through probate on the Settlors death. Instead the Settlors death will trigger the Trustees to act and distribute the Trust Fund to the nominated beneficiaries in accordance with the Trust.
This may mean transferring the property to the names of the beneficiaries, if the beneficiaries want this, or selling the property and distributing the sale proceeds.
This works because the Trustees have legal ownership of the property, therefore they are able to deal with it as their own, not as part of the Settlors estate. Therefore, they are able to sell the property, once the person with a life interest has died.
Who will be named as the owner of my property?
The Trustees of the Trust will be the legal owners of the property, and the beneficial owners are the beneficiaries or any person with a life interest.
Being a Trustee does not mean that the person owns the property as part of their estate. Therefore, being a Trustee should not cause any problems in relation to Stamp Duty or buying a first home.
Are there any other considerations?
Yes. When making a lifetime gift of any kind, whether this be a transfer of property or assets to a trust or a large gift to a friend or family member you must always consider whether you may fall foul of the rules on Deliberate Deprivation of Assets. This could relate to the need for Long Term Residential Care in the future, if you are aware you may be made bankrupt and the asset would form part of your estate or if you are going through a divorce and a financial settlement is yet to be reached.
In any of these scenarios it could be claimed that you have deliberately deprived your estate of an asset, whether this is to avoid creditors or paying care home fees, action may be taken against you or your trustees. We can of course provide advice on this.
If you believe, reasonably, that establishing a Family Probate Trust would fall foul of these rules, then you may wish to consider planning your estate using a Town & Country Law Protective Property Trust Will instead.
If you require further guidance on the legislation, please contact us.