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What is a Trust?

A Trust is a legal arrangement that is used to look after assets, such as money or investments, buildings or land, shares, art or antiques on behalf of someone.

 

One or more trustees are legally responsible for holding the assets for the benefit of one or more beneficiaries. They are responsible for managing the trust and ensuring the wishes of the person making the trust (the trustor or grantor) are carried out.

 

Trusts may be arranged for many different reasons, for example: to help preserve your money within your 'blood line', i.e. to ensure it will pass to your children and grandchildren and not go to ex-spouses and from there to their future partner's children instead of yours - see the example below

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•     to control and protect family assets

•     when someone is too young to handle their own affairs or are incapacitated

•     to give money or property whilst you are still alive

•     to pass on money or assets when you die

•     to help mitigate against inheritance tax

•     to pass on business assets after you die

    

So you've worked hard all your life and now own your own home and have some savings in the bank. It will pass on to your loved ones when you die. Or will it?

 

Imagine this scenario: You have one son, Lee. Lee is married to Lola. Lola has three grown-up children from a previous marriage whom you've never met. Lee and Lola have one adult son together, Liam, your grandson.

 

Your Will states that upon your death, Lee is to inherit everything. And he does. Lee inherits your estate but sadly only one year later, passes away himself without making a Will. As Lee and Lola were married, Lola inherits all of Lee's estate (your legacy).

 

A few months later, Lola meets and marries an old school friend called Luke. Lola unfortunately passes on a year later and because Lola and Luke were married, everything (including your legacy) passes to Luke!

 

Your estate has ultimately passed on to a stranger and your grandson, Liam, has inherited nothing! This is what is known as sideways disinheritance. This is not what you would have wanted and you can prevent this from happening by making a Trust. 

 

For a no-obligation chat with us about protecting your legacy for future generations, call us FREE on 0800 009 6435 or  

email us at legacywillsltd@gmail.com or complete our contact form.