Protecting My Family's Inheritance


Protecting My Family's Inheritance


Ask yourself the question right now. Who do I want to have my home, savings etc when I die?

Mostly everyone wants to protect their hard earned gains, their assets, for the benefit of their loved ones when they are pass on. Most of us want to provide for/support our children throughout our lives and want the best for them. We also lean towards providing for them after we slip this mortal coil, we feel a certain satisfaction and a fulfilment in knowing that we have something to leave too our loved ones, be it property, land, money, shares, or lifelong possessions.

Here’s the question

Ask yourself the question right now. Who do I want to have my home, savings etc when I die, my family, my grandchildren, my friends, a charity or an unknown party like the government or the crown?

Protecting in advance can save loss

Many people will draft a Will hoping to ensure that the assets that they have worked hard to acquire during their lifetime, are passed on to their children and chosen beneficiaries after their death. However sometimes an unexpected event may erode their estates, may decrease its value through unexpected costs or impact on the content of their estates such as the loss of an asset and it may be beyond their control to protect unless planning has been established in advance.

Trust Law

Trusts have been developed through the law of equity and in modern times are often used by charities, hospitals and the government. Equity essentially means fairness. Our legal system is based on these rules and this area of law gave birth to the law of trusts.

Trust law is a set of rules that have been established to regulate situations where one person places trust in another person to look after their affairs/assets.
This includes the way that charities are run, or the way that money left to somebody in a will is governed. An Asset Trust is an arrangement where assets (possibly including property) are given over to one or more persons who will be nominated as Trustees to administer the Trust, to keep the contents safe for the beneficiaries.

Once an Asset 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.

The possible benefits of an Asset Trust:

  • No sideways disinheritance
  • No Court of Protection control
  • Protection from bankruptcy
  • Financial protection from relationship failure
  • Protection for benefit dependent beneficiaries
  • Protection from inheritance tax for the beneficiaries

...protecting your family for 125 years from the date it was created.
After your death, the trust continues to work to protect your assets for your beneficiaries. The Trust can continue to hold assets safely within it, or pay them out to the specified beneficiaries. The Trust is extremely flexible after your death and has the potential to continue protecting your family for 125 years from the date it was created. That means that all of the benefits described in this document can not only protect you and your children but can also protect your grandchildren and great grandchildren. What a great way to be remembered in the years to come eh, continuing to provide for your grandchildren and even great grandchildren.

Trusts for children who have lost a parent are usually set up by the parents' Will, or by special rules of inheritance if there is no Will.

Our trained consultants can discuss your current circumstances and recommend services that will provide the correct protection for you, your family and your assets. For peace of mind contact Assured Wills Southampton today or call us on 01794 501 036 to arrange a free consultation with one of our estate planning specialists, at a time convenient to you and your family in the comfort of your own home.