Plan Tomorrow Today
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Whilst it is still unusual for a Will to be challenged we are living in increasingly litigious times and, unfortunately, claims against estates are increasing. It is no longer sufficient to make a Will and assume that your assets will pass as directed, particularly if your family make-up is complex with perhaps previous partners and a second marriage resulting in a 'blended family'.
Trusts can be used as an efficient Estate Plan if you wish to ensure that assets pass to your loved ones and are therefore not available to be claimed after your demise. Put simply, if you own an asset at the time of your demise, it is potentially vulnerable to a claim as it falls within your estate. However, if you have transferred that asset to a Trust within your lifetime, it no longer belongs to you.
Placing assets in Trust for the benefit of family members can be preferable to leaving those assets to your beneficiaries directly. In cases where beneficiaries could be immature or perhaps under the influence of friends or partners, their legacies could be spent less than wisely, whereas their legacy could be protected if left to the discretion of a prudent Trustee.
Trust assets can also be left specifically for the benefit of say grandchildren to be used for educational purposes only.
Contact us if you require advice.
Trusts
Estate Planning & Probate Ltd