Trusts are legal arrangements where one or more persons, called trustees, look after and deal with the assets for the benefit of others, known as the trust beneficiaries, such as money, property shares or investments. Trusts can be used in all sorts of situations, especially when minimising your future tax liabilities to ensure your loved ones receive as much of your estate as possible. In addition, trusts are used as a means of protecting family wealth, preserving assets for future generations and managing assets for those who cannot do so themselves either due to age or mental or physical incapacity.
Whilst trusts are incredibly useful in all sorts of cases and for all sorts of reasons, the process of creating a trust can be complex and require specialist legal knowledge. At Enfortro, we believe that the trust creation process should be accessible to all, helping you to create a legacy for the benefit of your loved ones with both modest and substantial trusts. We work with you to secure your property in a legal framework for the benefit of your beneficiaries, ensuring all parties are aware of their rights and duties.
We understand that making a trust can sometimes be a daunting prospect or can be difficult to talk about. To help you plan for the future, we provide:
Our trust creation and estate planning experts will come to you and discuss your trust requirements in the privacy and comfort of your own home at a time which is suitable for you. Everything you discuss is completely private and confidential, and all relevant options will be explained to you so that you can choose the trust structure that is right for you and your family without any rush or pressure. Once your trust has been prepared, we will assist you in the signing of your documents and can then store them safely in a secure location if you wish.
At Enfortro Wills & Estate Planning, our fees are as follows:
Please note, we do also offer a variety of other trusts to suit your situation, so don’t hesitate to get in touch to discuss your requirements.
A Family Protection Trust can be best thought of as a “safety deposit box”, into which you can place your home and properties, savings, stocks and shares, life insurance and any other assets that you wish to keep safe. During your lifetime, you’ll retain full use of the contents of this box – meaning you can add to, sell, replace, borrow or pass on to your family as you wish. Working alongisde your will, a Family Protection Trust gives you peace of mind that your wishes will be respected and that your family will be provided for as you wish – upon your death you can decide who will benefit from your trust whilst protecting it from third parties.
Why make a Family Protection Trust?
Also known within the industry as FLITs, Interest in Possession or IIP trusts, Flexible Life Interest Trusts allow a person to benefit immediately upon the death of a testator, whilst protecting the value of assets for others. Flexible Life Interest Trusts are most commonly used when a testator is married for a second time, and has children from their first marriage within a so-called blended family. This type of trust means that the interests of their wife and children can both be protected by putting property or assets into the trust, in addition to protecting any vulnerable adults.
Upon death, rather than assets passing straight to the survivor, they go into a trust. Much like any other trust, the trustees hold the assets and pay income to the survivor for the rest of the life. The survivor has a “life interest” in the assets, which can include a right for them to occupy any properties within the estate throughout their lifetime. The trustees have the option to lend or even give some of the capital from the assets to the surviving spouse, rather than just the income.
Within the above scenario, the testator could gift his estate to his wife for her lifetime, and upon her death the trust would be passed to his children and descendants – rather than an unintended third party such as the wife’s new husband.
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In the last few years, the adequacy of will writing and estate planning services has received significant scepticism due to some companies charging extortionate fees, creating documents which were not legally binding or even losing documents despite being paid a fee for secure storage. At Enfortro, we are completely committed to your satisfaction as a fully qualified and insured will writing and estate planning service provider. We promise to, at all times, act in your best interests, provide a proper standard of service, and behave in a way which maintains your ongoing trust.
Trusts should be set up when you are fit and healthy, as none of us know what is around the corner. When thinking about setting up a trust, you have a variety of options. A trust can either be created within your will so that it only commences upon your death, or it can be created during your lifetime and be effective immediately. You can then leave a further sum of money or portion of assets to the trust under the terms of your will. We can advise you of all the options available to you to enable you to make the best decision for you and your family.
Much like a will, a trust can include anything of value, with money and property the most common inclusions.
After the initial costs to set up your trust, there are no further fees to pay if you would like to choose your own trustees. However, if you require us to be your professional trustees, we will charge a nominal fee to carry out annual reviews and tax returns, which will be agreed with you before the trust is created, with no hidden charges or surprises.
For any questions regarding our services or to book in a confidential consultation at your convenience, please get in touch with us by filling out the following form. We will get back to you as soon as possible.
Enfortro Wills & Estate Planning
Pera Business Park,
Nottingham Road,
Melton Mowbray,
LE13 0PB
