Wealth Preservation Trusts
At Ensure Inheritance we believe that you should have total control over what happens to your assets, who benefits from them, and who controls them – no matter what life throws at you.
Wealth Preservation Trusts are a powerful means of achieving this control. They can:
- Avoid Claims On Your Estate After Your Death – details
- Reduce The Time It Takes for Beneficiaries To Receive Their Inheritance – details
- Protect Your Children Against Disinheritance – details
- Protect Your Assets From Bankruptcy – details
- Protect Your Assets From Divorce – details
- Protect Your Assets From The Impact of Long Term Care Fees – details
- Help With Long Term Care Planning – details
Avoid Claims On Your Estate After Your Death
With a Wealth Preservation Trust you are able to exclude someone from your estate, such as a relative or an estranged child and, unlike a Will, they are unable to make a claim on a trust. This also avoids any court costs and lengthy court proceedings on any attempts to upset the terms of a Will by a disgruntled family member.
Reduce The Time It Takes for Beneficiaries To Receive Their Inheritance
By having your estate protected and held within a trust, you can avoid any lengthy delays due to probate. This will also help avoid potential costly legal fees and your chosen beneficiaries can be paid out quite quickly.
Protect Your Children Against Disinheritance
If a spouse remarried their assets and any inherited from the deceased spouse could pass to the new spouse rather than to the children of the family, or assets may pass to their sons or daughters in law instead of blood relatives. A Wealth Preservation Trust effectively ring-fences your assets and ensures that only your nominated beneficiaries will receive their inheritance. This avoids any in-law children from benefiting should any of your children marry and then divorce.
Protect Your Assets From Bankruptcy
A Wealth Preservation Trust can also help if you are self-employed or run your own business. By holding your personal assets within a trust, you can protect them should you suffer financial difficulties or become bankrupt.
Protect Your Assets From Divorce
Placing your assets into a Wealth Preservation Trust prior to cohabiting with a new partner, protects them and ensures they are safe should the relationship fail.
Protect Your Assets From The Impact of Long Term Care Fees
Using a Wealth Preservation Trust for estate planning purposes can protect your assets from the impact of long term care fees.
Help With Long Term Care Planning
Should you need to go into a care home later on in life then the local authority may demand that your house and other assets are used to help pay for the care.
Current legislation demands that anyone owning assets valued in excess of £23,250 is required to make a 100% contribution towards the cost of their care. However, anyone requiring care with assets worth less than £14,250 is not required to make any contribution from their capital.
The legislation also prevents people from deliberately moving their assets in order to avoid paying care fees. But it does not prevent anyone in relatively good health, who is not presently intending going into long term care, from estate planning and establishing a Wealth Preservation Trust.
By placing your assets in a Wealth Preservation Trust, you are no longer (technically) the owner of the assets, but rather the principal beneficiary of the trust. So it can fully protect your assets for your children, provided the local authority cannot prove that at the time the trust was set up it was reasonably foreseeable you would enter long term care.
Each Wealth Preservation Trust is specially drafted by our specialist panel of solicitors according to your unique set of financial circumstances and to meet you particular needs and future wishes. Please contact us to discuss your individual circumstances.
We have produced a booklet which provides further information on Wealth Preservation Trusts. For a free copy, please contact us.