Why Should I Set Up A Family Trust?
We are often asked by clients whether setting up a Family Trust would be a good idea for them.
The answer is often yes, as there are lots of advantages to setting up a Family Trust. More so in the current coronavirus pandemic are people asking asking about wills and trusts to be sure that they can protect their loved ones.
What are the advantages of a Family Trust? Well, to put it simply, a Trust ensures security and protection for your assets and therefore ensures things are made as simple as possible for your family when you’re no longer with us.
A Family Trust provides full protection for your beneficiaries, even if circumstances have changed. An example would be where your spouse or children (including adult children) have disabilities or lose capacity to deal with their own affairs.
You can also therefore protect your children from being potentially disinherited as a result of any family changes or divorce and marriage in the future that is out of your own control.
Your chosen Trustees can deal with the property in the Trust in the same way as Attorneys would under a Power of Attorney. Trustees control the capital of the Trust Fund including your house, however you must remember that a solicitor will need to give you individual advice as to how potential rises in care fees may affect you.
If you are considering setting up a Family Trust, it is important to take advice from solicitors specialising in this area of law. Tilly Bailey & Irvine’s Solicitors in Teesside includes an award-winning probate team that deals with all aspects of wills, tax, trusts and estate planning, and offer free initial advice before helping you decide what is best for you.
TBI Solicitors charge a competitive fixed fee, so there are no hidden surprises, and you have the advantage of trusted, local experts – the largest in the region.
Contact Tilly Bailey & Irvine’s North East Solicitors on 01833 638326 or visit www.tbilaw.co.uk to discuss legal matters. We are able to conduct your matters remotely during the ongoing coronavirus situation, and in this time we would recommend you contact us via these methods.