Trusts & Estate Planning Kingsbridge Wills

Trusts

Trusts protect your assets from the dreaded tax-man.

Inheritance tax is a staggering 40%.
It could cost your children a fortune just to remain living in your home.

Trusts can be used to protect your assets from the dreaded tax-man and ensure that your home and assets are passed on with minimum loss to your family.
Inheritance tax is a staggering 40%, which many people feel is unfair as during your life you will have already paid tax while earning this money.
So protecting your hard earned assets feels like the right thing to do when considering what you leave to your loved ones once you are no longer around.
Trusts are the ‘super-weapons’ when planning your estate.
This is especially important in London where the average house price in 2022 is £553,000. So just passing your house to your children means they will have to pay inheritance tax on £178,000 just to keep hold of your family home.

Trusts & Discretionary Trusts Kingsbridge Wills

What is a House Trust?

A house trust is where you allow anyone to occupy your share of the family home for as long as they want to or until they die, then on their death, your share passes to your chosen beneficiaries.

If the trust is correctly drafted, your house can be sold (should your surviving spouse or partner wish to move), in which case the trust can be transferred to the new property. You can also elect to end the life interest if your spouse or partner remarries or enters into a civil partnership or starts cohabiting with someone, at which point your share in the house would then pass to your chosen beneficiaries.

In order for the house trust to work, you will need to own your house as tenants in common. If you own the house as beneficial joint tenants we can arrange for you to “sever the joint tenancy”, so that you hold it as tenants in common. This will enable your share to pass to your beneficiaries.

What is a Discretionary Trust?

Discretionary Trusts are usually set up to put assets aside for children and/or grandchildren for a future financial need or as a protective measure for a vulnerable family member who may be unable to manage their own finances.

Living Trusts

A Living Trust is similar to a Will, in that you set out your wishes about your assets and your heirs. However, a Will only becomes effective when you die and after the probate process. A Living Trust, however is effective whilst you are still alive. You can place as many assets into a Living Trust as you like, such as property, savings and investments. The Trustees will take control of the assets immediately, which can be very beneficial to you and your family in certain circumstances.

How to protect your assets

Contact Will Writing, Lasting Power of Attorney, Trusts & Estate Planning Enfield

1. Lets have a Quick Chat

We can understand where you are, what you need to protect & if we are a good fit.
Will Writing, Lasting Power of Attorney, Trusts & Estate Planning Enfield

2. Make a Will to Protect your Assets

We will create a bespoke Will to ensure your wishes are followed. While recommending any tax efficient ways to pass on your assets.
Experts in Will Writing, Lasting Power of Attorney, Trusts & Estate Planning Enfield

3. Relax & Get on with Life.

Knowing that if the worst happened you have all your affairs in order for your loved ones.

Home visits are usually available during evenings and weekends to fit in with your schedule.

Why Choose Kingsbridge Wills, Trusts & Estate planning

Experience

ProfessionallyTrained
Our clients’ interests are at the heart of everything we do. By regularly attending courses and taking exams in wills, trusts and LPAs, we ensure that we are up to date with the latest legislation and tax efficient strategies.

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