Preserve your house for future generations
Get Asset Protection Trusts in Bristol from a local Will Writing service
Bespoke service
free appointment
local will writer
bespoke service
free appointment
local will writer
Don’t leave it to chance – simple Wills leave your family’s inheritance at risk
A Will only takes effect after your death so it cannot help during your lifetime. Plus, a simple Will gifts your assets directly to the beneficiaries. This could cause a few problems for your family.
If children get divorced they could lose half their inheritance
If your spouse remarries, your children could be disinherited
If children live overseas they could pay additional tax
If beneficiaries are on means-tested benefits they could lose them
If you need full-time care, your house could be sold
Your children’s own estate could pay more inheritance tax
An Asset Protection Trusts safeguards your most valuable asset
When your house is in an Asset Protection Trust, it is no longer owned by you. It is owned by trustees apppointed by you – typically spouses or other family members. You can also be a trustee of your own Trust.
Not all Trusts are the same. An Asset Protection Trust provided by Maplebrook Will Writing Bristol has the following benefits:
choice to avoid probate
A property can be kept in Trust, allowing it to be sold without waiting for probate. Or the trustees can take it out to claim tax allowances if necessary.
no 10-year charges
Our Trusts are not subject to the charges affecting other Trusts. There are no entry charges, exit charges or periodic charges to be paid every 10 years.
maximise tax benefits
Trustees can take the property out of Trust to claim a tax relief called the Residence Nil Rate Band (RNRB), which is worthwhile for valuable properties.
The simple way to get an Asset Protection Trust in Bristol
FREE APPOINTMENT
The first meeting is a free-of-charge discussion about your aims and circumstances.
quick and easy
It takes a couple of hours to capture all the details we need to set up your Asset Protection Trust.
No hidden costs
We’ll tell you the total cost of the Asset Protection Trust up front, before you commit to anything.
Three steps to protect your home:
1
book an appointment
Pick a time and date to suit your diary.
2
discuss your needs
Tell me about your circumstances.
3
sign your trust
Your trust is valid once it’s signed and witnessed.
Three steps to protect your home
Step 1: Book an appointment
Pick a time and date to suit your diary.
Step 2: Discuss your needs
Tell me about your circumstances.
Step 3: Sign your trust
Your Trust is valid once it’s signed and witnessed.
Let me help simplify Asset Protection Trusts for you
I understand that Asset Protection Trusts can be confusing. You may have been considering a simple Will but by now you may be concerned about what could happen in the future.
It’s true that Trusts aren’t for everyone. The perceived complexity, the initial cost, and the additional admin put off some, despite all the benefits. I can help assess their suitability for your circumstances. If they won’t help you, I’ll tell you straight. There’s absolutely no obligation to purchase anything.
All that being said, it is worth stating that the simplest estate planning option – a basic Will – is often far from ideal. The wrong people can end up with an inheritance, and others are deprived. I’ve seen it happen in my own family.
So although it costs more, an Asset Protection Trust in Bristol could save your family a lot of money in the long run.
As a member of the Institute of Professional Willwriters (IPW), a professional body, and the national Maplebrook EDGE Network, I receive regular training on Trusts to keep me up to speed.
Graham Southorn, MIPW
Bristol Wills & Estate Planning is proud to be a member of:
Google reviews from people we’ve helped
Great service and everything was made very quick and easy. Thanks
Sarah
Excellent service and an efficient and easy process.
Tom
Graham made the whole process simple and straightforward while being ultra helpful and informative.
Steve
Why Asset Protection Trusts are better than basic Wills
Trusts can be very complicated but the basic idea is simple. Instead of giving something you own directly to another person, an Asset Protection Trust allows you to give it to trustees to…
…look after. The trustees then have to manage what they’ve been entrusted to look after. It goes without saying that you need to choose trustees you completely trust. You can also leave written instructions.
The Trustees you appoint must make joint decisions, which is where the protection comes in. That’s why the trustees need to be able to work together, like board members of a company.
Typically, people choose family members and friends to be their trustees. Often, it’s possible for you to be a trustee of your own Asset Protection Trust. For added peace of mind, you have the option of appointing a professional trustee. This person would be able to offer an impartial, independent perspective if there are likely to be family tensions .
But why go to all this bother? Some people don’t like the idea, or the cost, of setting up an Asset Protection Trust. They ask why they can’t just give their house to children and still carry on living in it. The answer is that this is a very bad idea for four reasons:
- If you fall out with your children, who now own the house in which you live, it could make your life very difficult and stressful.
- If your children die before you, who would inherit your property? If they haven’t made a Will, it could go to their spouse or children.
- You won’t save any inheritance tax unless you pay a full market rent, reviewable every year. Otherwise, HMRC will disregard the gift for inheritance tax. Since you are still living in your house, you haven’t really given it away.
- A local council is likely to see the gift as “deliberate deprivation” of assets when it comes to assessing the value of your assets for care fees.
TRUSTS vs WILLS
So how does a Trust compare to a basic Will?
Basic Will
A basic Will simply gifts your assets to one or more beneficiaries. The money would go directly into their bank accounts and property would be transferred into their names.
But what happens if…
Your children get divorced? Half the assets they inherited could be lost in a divorce settlement.
A beneficiary is on means-tested benefits? A sudden inheritance could mean they’d lose their benefits.
Your children live abroad? They may have to pay tax according to the inheritance laws of their country of residence. These laws do change over time.
Beneficiaries go bankrupt? They may not be able to control their spending as a result of addiction, for example, or they may start a business that fails. Either way, their inheritance could be squandered.
Your house sale drags on? Your house can’t be sold until estate administration is complete, and long delays can put off potential buyers.
You have to go into a care home? It’s not unknown for care fees to top £1,400 a week in the South West, rapidly depleting pensions and savings. Your beneficiaries may not inherit anything like what they’d hoped for.
Your spouse remarries after your death? A marriage revokes any previous Wills, so any plans you’d made together will count for nothing. Even if your spouse doesn’t remarry, a new relationship could lead to them changing their Will and children being disinherited.
Your family circumstances change? You may have given money to one child to buy a house, for example, but not to the others. Or you may fall out with a child or reconcile with them. You could simply change your existing Will but will you get around to it?
Trusts
Asset Protection Trusts can help prevent problems like these, allowing your beneficiaries to inherit at the most convenient time.
It’s true that the rich and famous like the Duke of Westminster to take advantage of Trust planning to save inheritance tax. While it’s true that Trusts are more expensive than simple Wills, they can save far more money being lost to unexpected events.
Don’t leave it too late!