SETTING UP A TRUST
Trusts are commonly used within Wills to protect property after death; to protect money for a minor (under 18’s), make provision for disabled beneficiaries and ensure children from previous relationships receive regular payments; Some Trusts are relatively simple to implement, while others are far more complex and require specialist advice. There a few different types of trusts:
Property Trust – Property Trusts are designed to protect half of your home in the event it is sold to pay for care fees. It also gives the surviving spouse the right to live in the property, normally for life and It also ensures that certain beneficiaries will inherit from your share of the property.
Maintenance Trusts – Maintenance Trusts are designed to ensure that children from previous relationships continue to be financially supported and maintained until inheritance age, normally 18.
Discretionary Trusts – Discretionary Trusts are written in to Wills to ensure incapacitated or disabled beneficiaries, (who are unable to manage their own affairs) have their inheritance managed on their behalf. They can also be used if a particular beneficiary is deemed irresponsible or wayward and who may squander their inheritance.