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It's a common goal to want to protect your assets for the benefit of loved ones. In drafting a will, you plan to ensure that the assets that you have worked hard for are passed on in the way you wish. However, a will can only dispose of the assets that you own at the date of your death and if the value of these assets are eroded, there will be little to inherit.
Lifetime Asset Trusts (Trust) are specifically designed to protect your assets for you during your lifetime and give you the peace of mind that they can be passed on securely and intact to your beneficiaries, after your death.
Once the Trust has been created, you can use it to ‘ring-fence’ your assets. Most people will protect their home and their savings, leaving capital in their bank or other savings accounts for ongoing living expenses. Income from savings protected within the Trust can be paid directly into your bank account to supplement income from earnings or pensions.
As well as protecting your assets, this is also an important area to consider should you lose mental capacity or have to go into a care home. If you have gone into care and have lost mental capacity, your Trustees will need to make decisions for you. For example if your property is sold, the proceeds will continue to be protected within the Trust and can be invested and you will normally receive the interest or income earned on the invested capital.
Another significant benefit that assets in the Trust will not be subject to probate on death. This means that, apart from the significant cost savings, the home can be sold or transferred by the Trustees immediately after death with no probate formalities. While the administration of an estate can often take a year or more and cost thousands of pounds, this can be avoided with the Trust and the assets protected by it can be distributed to your beneficiaries in a matter of days if desired.
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