Who should be the trustees of my family protection trust?
TruWills and Trusts Tel 0191 6011226 will draw up the Trust Deed via their trusted Barristers. Part of the fact finding questionnaire carried out by our consultants in the comfort of your own home will be to appoint Trustees, Trustees are usually family members whom can also be the benefactors of the Trust.
You control the Trustees – you can appoint new Trustees and remove existing ones if you wish to do so. HAVE YOU CONTROL
In most cases you will be a trustee of your own trust so you clearly remain in complete control.
Yes – since YOU control the Trust you can transfer all or some of the assets back into your name at any time. Transferring a property would entail a conveyance fee, much the same as any transfer of property. Cash investments may be subject to a product provider standard terms of business, but there will be no charge by the Trustees.
What happens if one of us dies?
Nothing – the Trust, and the protection it gives, simply continues as before until the second person dies. The survivor continues to retain the benefit of the Trust.
What happens if one of the trustees dies?
A new Trustee is simply appointed to act in his/her place – this would of course be someone of your choosing.
Do I still need to make a will and a lasting power of attorney?
Anything you put into the Trust will be distributed in accordance with your expressed wishes and normally in accordance with your Will. The Will also distributes anything you own when you die that you haven’t put into Trust.
The Lasting Power of Attorney document still enables your appointed people (Attorneys) to manage what you didn’t put into the Trust whilst you are alive but are unable to manage yourself.
Who can set up a family trust?
Any person who is mentally capable of making such decisions.
What type of assets can be placed within the trust?
Commonly, clients place their house and savings within the Trust.
So in Short with a Trust you can achieve the following
Take advantage of our service that makes sense for everybody – not just the affluent
• Keep control of their most valuable assets
• Protect their property for the benefit of their loved ones
• Protect their assets from bankruptcy, creditors and strangers
• Potential saving on future Probate costs
• Potential saving on cascading Inheritance Tax
• Use a product with a proven pedigree dating back centuries
• Preserve their wealth and don’t leave their future to chance