Trust Wills
The Discretionary Trust Will is the simplest, most common form of Will to deal with protecting your Estate exclusively for your chosen beneficiaries. The Estate will pass to the nominated beneficiaries via a set of ‘loan’ documents under which the ‘loan’ is repayable on the death of the beneficiary (or during the beneficiary’s lifetime at the beneficiary’s own direction). As the estate passes to the beneficiary he/she has full access to those assets to use in the same way as a gift could be used. They can spend or give away the capital. However, on death of the beneficiary, his/her estate is charged to repay the loan to the next generation of Trust beneficiaries (usually the children or grandchildren of the will-maker). The pattern repeats and each generation receives the Estate of the will-maker in turn as a ‘loan’. In that way the following protections can apply to your beneficiaries:
- Divorce
- Inheritance Tax
- Nursing and care fees
- Creditors/bankruptcy
A full set of notes on the above is available on request. Our suggestion is that you contact us to arrange an appointment so we can advise you in person and explain the provisions in more detail.
Trusts Created in your Lifetime
We provide expert advice on lifetime settlements and Discretionary Trusts, their formation and administration, merits and disadvantages. Other matters often discussed are:
- Tax advice in connection with the setting up of trusts, and the mitigation of Inheritance Tax, Capital Gains Tax and Income Tax
- Whether a trust should be created offshore or within the UK
- How the trust would be administered and by whom
To obtain a fixed cost quotation for all types of Will, or to arrange an appointment to discuss with our specialist solicitor Robert Cartmell please contact our Private Client Department secretary Jan Lawrence.
Tel: 01296 620443
Email: jan@dc-kaye.co.uk
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