Family Protection Trust

Did you know that upon your death your estate may have to pay as much as 5% of the overall value of your assets in Probate Costs just in order to wind up your estate?

With a Family Protection Trusts these costs are avoided!

Without a Family Protection Trust, there are 5 main threats to your estate.

  1. Executry/Probate costs – when you die the courts have to approve the distribution of your estate, this lengthy and costly process can be avoided if your assets are held within a secure Family Protection Trust.
  2. If a partner dies – normally, their share of the house, would pass to the survivor. If the survivor then leaves the house to their new partner, there is a danger that any children from the original marriage will not see their share of the estate. A Family Protection Trust protects against this happening.
  3. Legal rights (Scotland) – it’s impossible to disinherit children due to legal rights. However, assets within a Family Protection Trust are not subject to legal rights.
  4. ‘Problem’ children – sometimes it’s not desirable to leave a lump sum to a child because of difficulties or issues they may be facing. For example, addiction problems, mental health difficulties, matrimonial issues and financial challenges. Again, a trust can determine how, and how much a child receives to avoid these issues.
  5. Care costs – providing a Family Protection Trust is in place at the right time, for the right reasons, it can protect assets against losing the estate to care.
  6. How a Family Protection Trust works:

    • A Family Protection Trust is a Trust that’s set up to hold your assets, safeguarding them from future circumstances and legal costs.
    • You still remain in control and can continue to use your assets as you normally would – e.g. you can move home or invest your money.
    • When you die, your estate is distributed immediately – there’s no need for Probate (Confirmation in Scotland.) These legal fees can be as high as 5% of your overall assets.
    • Your will is carried out by Trustees acting only in your interests.
    • Beneficiaries’ current circumstances are taken into account by your Trustees to ensure your wishes are fulfilled, and that they receive their inheritance at right time. Your children can also use the Trust to protect their own assets.

    What’s included in our Family Protection Trust?

    • The fee covers all aspects of setting up the Family Protection Trust with the Householder Club and the nominated expert solicitors.
    • Our experienced solicitors act as your Trustees at no extra cost.
    • They’ll ensure your final wishes are carried out as set down in your will.
    • They’ll act in support of your wishes – they don’t benefit from the Trust in any way.
    • They’ll defend any claims against the Trust – including care costs. They will also ensure beneficiaries inherit at the right time.

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