What will a Trusts in Cardiff, South Wales do for Me?
Most people wants to protect their assets for the benefit of their loved ones. usually people are motivated to provide for their children and other family members throughout their lives and want what is best for them.
Many people will Write a Will hoping to ensure that the assets that they have worked hard to build up during their lifetime, are passed on to their family including children and/or other chosen beneficiaries after their death.
A Will can only dispose of the assets that you own at the date of your death and if the value of these have been eroded during your lifetime, there will be little if anything left for your beneficiaries to inherit thus making the will not that.
Trusts in Cardiff, South Wales that can last a lifetime…
Family Asset Trusts in Cardiff, South Wales are specifically designed to protect your assets for you during your lifetime. They give you the peace of mind that your estate can be passed on securely and intact to your spouse, your children and their bloodline, or other named beneficiaries, after your death.
Getting Family Asset Trusts in Cardiff, South Wales is one of the most important decisions you’ll ever make.
Trusts in Cardiff, South Wales – During your lifetime
Once the 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 Family Asset Trust can be paid directly into your bank account to supplement income from earnings or pensions.
Just like a safety deposit box, assets can be added and removed from the Family Asset Trusts during your lifetime. If you have large expenses that cannot be met out of normal income, like a new car, holiday or house repairs, the appropriate sum can be transferred to your bank account from the Family Asset Trusts.
You are named as the ‘Principal Beneficiary’ of the Family Asset Trusts and retain full control of the assets within the Trust while you are alive and have mental capacity. You are free to move home, or release equity from the Family Asset Trusts at any time.
As the Principal Beneficiary of the Family Asset Trusts in Cardiff, South Wales, you have a guaranteed right of occupation in the property for the remainder of your life. The Trustees, usually your children, cannot evict you under any circumstances.
You can direct the Trustees to sell the property and to buy a new property of your choice. If the new property you are acquiring is more expensive, the Trustees can only be required to buy the new property if the additional capital required is paid into the Family Asset Trusts in Wales by you.
The Trusts in Cardiff, South Wales is equally applicable to married couples and to single people.
Getting a Trusts in Cardiff, South Wales is one of the most important decisions you’ll ever make.
Family Asset Trusts in Wales – When you lose mental capacity…
- When you lose mental capacity, the law states that you are no longer allowed to manage your own affairs. Assets held within the Family Asset Trusts in Cardiff, South Wales will then be managed by your Trustees on your behalf.
- Your Trustees can effectively ‘stand in your shoes’ to make decisions on your behalf but these must be for your benefit.
- They are able to add or remove assets or use the income from the Family Asset Trust to help you and improve the quality of your life.
- Assets held outside the Family Asset Trusts will fall under the control of the courts. Lasting Powers of Attorney Wales will enable the people you choose to manage the assets that you own outside of the Family Asset Trusts in Cardiff, South Wales.
Family Asset Trusts in Cardiff, South Wales – When you have to go in to care…
- When you have to go in to care, if you do not have a spouse or dependent relative living in your home, you will need to decide whether to sell it or to rent it.
- If you have gone into care and have lost mental capacity, your Trustees will need to make this decision for you.
- If the property is sold, the proceeds will continue to be protected within the Trust and can be invested and you will normally receive the interest or income earned on the invested capital.
Family Asset Trusts in Cardiff, South Wales – After your death…
- After your death, the Family Asset Trusts continues to work to protect your assets for your beneficiaries.
- The Trust can continue to hold the assets safely within it, or pay them out to the specified beneficiaries.
- The Family Asset Trusts 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 on this page can not only protect you and your children but can also protect your grandchildren and great-grandchildren.
Want to know more about Trusts in Cardiff, South Wales?
Our trained consultants can assess your current circumstances and recommend the products that will provide the correct protection for you, your family and your assets.
Other products available from Wills, Trusts and LPA’s Wales:
Will Writing Service Wales | Prepaid Probate in Wales | Funeral Plans in Wales | Lasting Powers of Attorney in Wales (Welsh LPA’s) | Business Lasting Powers of Attorney in Wales (Welsh Business LPA’s) | Severance of Tenancy in Wales | Protective Property Trusts in Wales | Inheritance Tax Help in Wales.