top of page
Asset Protection
What are the risks to assets and why would you choose to protect them? An outright gift to a beneficiary in a will, might mean inheriting at the wrong time if the beneficiary was going through an insolvency or a divorce. A beneficiary may be in receipt of mean tested benefits, which could be reduced or stopped as a result of the receiving the gift. Many people have complex families and may have children from previous relationships, unless provision is made for not only the spouse but also the children, disinheritance can occur.
Property Protection Trusts (PPT's). Putting a share of the property in trust set up on first death, ensures that at least one share is protected during the lifetime of a surviving partner this cannot be included as part of their estate by potential creditors, including when assessments are made for residential care home fees.
Provisions are contained in the trust to ensure the surviving partner has the right to occupancy during their lifetime and when they die, the trust comes to an end and the share of the property in trust goes to the chosen beneficiaries.
Family Asset Protection Trust. Sometimes
referred to as a 'lifetime trust'. Just like giving an outright gift, you can have the pleasure of seeing your property pass on to your children or other beneficiaries during your lifetime.
Unlike an outright gift, putting your property into trust ensures that you can continue to enjoy the same benefits and protection as an owner. Furthermore, it can avoid disputes and delay, reduce probate fees, secure a place to live and income derived from it, but also gives certainty to the beneficiaries too.
bottom of page