Family Trust Lawyer and Asset Protection Edinburgh
Family Law Edinburgh are a team of highly skilled lawyers who have expensive experience in asset management and family trusts. Contact us today to find out how we can help you. You can contact us by calling 01313414990 or complete our online enquiry form.
When you work hard throughout your life you want to do all you can to protect the assets you have accumulated. Writing a will is one way of communicating your wishes for your property, but there are several other things you can do to secure your money and assets.
As the population ages, the cost of care is something that many people are considering and planning for. Many people are keen to protect their assets from being used to pay for their care as they age. Planning for the costs of care can help to protect your assets and leave more money to pass on to your family.
Estate planning, trusts and inheritance advice will depend on your particular circumstances. We offer a fixed fee package which allows you to have an appointment with an expert trust and asset management lawyer. This will allow us to provide bespoke advice on the best way for you to protect your assets and plan for the future.
What is a Trust?
A trust is a legal arrangement that is set up by a document called a trust deed. There are three parties involved: the truster, trustee and beneficiary, or beneficiaries. The truster transfers ownership of the property to the trustee. The trustee is then responsible for the management and administration of the trust property for the benefit of the beneficiaries.
Trusts are a valuable tool in estate management and planning.
Why Create a Trust?
Placing assets into a trust can have many benefits. This can act to protect an asset from taxation, claims by a creditor or divorce. A trust can be used to look after someone who is too young to manage their own affairs. A trust is sometimes used to manage property that is generating an income.
What Can I Use a Trust For?
Trusts are a vital part of estate planning and can be used in many situations, including:
A trust can be set up to benefit members of your family. A trust separates the ownership and management of property from the people who benefit from it. This means that a trustee could manage funds or property on behalf of, for instance, a young family member who would be unable to manage the funds themselves.
Trusts are also a means of effective tax planning to minimise the amount of tax payable on your estate, which is particularly important in light of the high rate of inheritance tax (40% of the value of your estate above the inheritance tax threshold). In light of inheritance tax rules, it makes sense for assets to be transferred down through generations at the earliest opportunity. If your family is still young, you may be worried about doing so. Crucially, establishing a trust is an effective method of reducing the value of your estate, but retaining control over what happens to the property that is transferred.
Costs of Care Trust
Many people are concerned that their children’s inheritance will be eroded over time by the costs of care.
If you need to be cared for in your old age then you will assessed to see if you need to pay for this yourself or if the care will be provided. The amount of capital that you own will be assessed and this normally includes the value of your house. Care costs can be very high and over time these costs can have a significant impact upon your estate and what will be left for your family after you die.
There are several options you can consider to help protect your assets for your loved ones. These include transferring the ownership of your home to a family member or placing your home in trust.
Trust and Asset Protection Lawyers Edinburgh
Our lawyers are highly experienced in creating trusts to protect your assets. We take the time to learn about your situation in full so we can provide detailed and bespoke advice. Our expert lawyers can assist with the establishment, management and winding up of a trust.
Contact us today on 01313414990 or complete our online enquiry form.