Trusts

As a reflection of the bespoke service and support we provide to our associates and partners, the use of trusts in wills ensures a personalised solution is available to all clients. Trusts are not a new concept nor are they just for the wealthy.

A trust offers numerous benefits that go beyond a simple will and by incorporating a trust into your clients estate plan you can;

• Protect Assets

Shield your clients wealth from potential creditors, second marriages or even mismanagement by their beneficiaries.

• Maximise tax allowances

A properly constructed will containing appropriate trust structures can ensure more wealth is passed on to beneficiaries and all available tax allowances are maximized. They can also be used as part of a lifetime IHT planning strategy.

• Maintain privacy

A will becomes a publicly available document after death but trusts can help to keep your clients affairs private and confidential.

• Provide for loved ones

Whether it’s a child under the age of 18 years or a beneficiary with additional needs, a trust can ensure your clients assets are utilized according to their instructions.

What is a will trust?

 A will trust is a structure written within the body of a will that becomes effective on death. It can be used to direct how assets should be distributed, to whom and on what terms rather than making an outright gift.

What about lifetime trusts, are they relevant?

 In short, yes – for the right client, in the right context  and at the right time. Lifetime trusts can be extremely powerful tools to protect assets and a valuable legal framework for wealth preservation. Set up during lifetime, assets are transferred now but the client can still have access and control to the assets if required whilst offering full protection from sideways disinheritance, ringfencing assets from 3^rd party creditors, removal of the trust asset from the probate process and maximizing inheritance values. Lifetime trusts are a reserved legal activity delivered in partnership with our panel of solicitor specialists.

How do I know when a trust could be of benefit to my client?

It’s worth having a real in depth conversation with your client to not only understand what their financial position looks like but also what their family dynamics comprise of. It may be that your client has significant assets and wish to reduce their estates exposure to inheritance tax. Your client may own property or have business interests that they wish to protect for future generations. They may have complex family dynamics such as second marriages or dependents with complex needs. Your clients may wish to control how beneficiaries receive their inheritance or they may have concerns about potential care home costs diminishing their estate. There may be known family disputes that they wish to prevent their wealth being subject to.

At Beneficial Trust and Will Co, we understand that every family’s situation is unique and we will work with you to design a customized estate plan to meet your clients needs and long-term goals.

You can introduce clients to us and we can provide a comprehensive estate planning client experience. Alternatively, take a look at our options of working as an associate with us and grow your service offering