Asset Trust or Asset Protection
Because family problems happen and no two situations are the same, it is important to consider your options and take advice. The best way to ensure that you achieve your aim in this sort of situation is an Asset Trust. At The Will Wizard we have the knowledge, expertise and experience to help you.
Failing to protect yourself and your assets could result in high fees. Probate fees can be considerable and clients often do not realise the great extent of them. A £400,000 estate can attract probate fees of around £12,000 – £16,000 and very often these assets will include the family home. This often results in long delays in obtaining the grant and complications result in a long delay to get the transfer of title, money and benefits.
Sideways disinheritance is something that people seldom consider until it is too late. The Will Wizard are here to help. Let us give you a scenario to explain it.
Agnes dies and John re-marries; his new wife is Brenda.
Brenda has children from a previous marriage.
Brenda makes a will leaving everything to her children which leaves John and his children with nothing.
This can be avoided quite easily if planning is performed correctly, contact us for more information.
Another challenging family situation that can affect you is one that nobody would like to have; still it happens. Sometimes our children develop problems that result in us deciding our children are incapable of handling money or property. Usually the children would inherit everything when their parent pass; Asset Trust/Protection can help here.
Lasting Power of Attorney is the solution to possible incapacity. Incapacity can come on quickly of over a lengthy time period, but having LPA in place allows you to ensure that the right actions are taken to protect you and your assets.
Dependent Relative Claims
Complexities keep on coming, there are many more possibilities that may occur where an Asset Trust could negate lengthy and expensive delays. The Inheritance Family Provisions Legislation gives dependent relatives an opportunity to claim against the estate of the deceased if they feel that they are not adequately provided for. This causes delays and very often substantial legal fees.
If you put property into trust transfers the legal title of it from ownership by the Settlor to the trustee who holds the property for him. From there onwards, the trustee has legal title to the trust property. The Settlor loses control of the asset, but may give the trustees some guidance as to their wishes. Sometimes the Settlor is also a trustee, which means further guidance in the trust administration can be made.
Once the assets are transferred, the law looks at them as if they were now owned by the trustees.
The use of the trust will mean that assets, cash, investments can be placed into trust and will not be affected by death of the settlor. There will be no need for probate on the main assets, no delays and a reduction in fees and administration accordingly.
There are literally dozens of possible solutions but you need an expert in the field to identify the right solution. The Will Wizard is here to help.