With a lifetime trust, you can protect your most valuable assets, such as your property, whilst you are alive. If you want to set up a trust or want more information on this topic, our expert solicitors are here to assist you with your questions about lifetime trusts.
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What is a lifetime trust?
A lifetime trust can protect your most valuable assets without restricting your access to the fund. Reasons and advantages for setting up a lifetime trust are varied and are as follows:
- The assets in the trust are protected against risks such as third party claims, divorce or bankruptcy.
- if you are no longer able to do so, e.g. if you are disabled under the definition within or due to become disabled (and this includes whereby, due to mental disorder an individual is incapable of managing his or her financial affairs and property.
- Assets in the trust can still be protected after you die and can be preserved for your chosen beneficiaries.
Why should I consider legal assistance when setting up a lifetime trust?
Trusts are a complex subject and the timing, wording and other circumstances can be very important when setting one up. We strongly advise working with an expert solicitor when setting up a trust as they can help you with the following:
- Which conditions you should include
- If you can save taxes with your trust
- Ensuring your trust does not conflict with your will
Can I use a lifetime trust to avoid residential care fees?
Timing, beneficiaries, wording and other circumstances are crucial when setting up a lifetime trust. This is why we advise you to seek professional legal advice if you're planning on setting up a lifetime trust. Contact us if you require further details or if you have any questions.
If I die, what happens to the lifetime trust?
Provision should be made within the trust deed as regards what is to happen to the trust funds and property upon your death.
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