There are many reasons to set up family trusts as part of your estate planning. You can use family trusts to control how you pass on your wealth to your family. There are different types of trusts and they all depend on what you are trying to achieve. Here are some of the trusts you could set up as part of your estate planning:
- Discretionary Trusts: you can use this type of trust to provide for children or your children and grandchildren in such a way that the trustees have discretion and control over who gets what share and when. This gives ultimate flexibility and also protects the trust assets from any of the beneficiaries or their creditors.
- Interest in Possession Trusts: you could use this type of trust to provide income for your adult children whilst protecting the capital for your grandchildren.
- Protective Trusts: you might be concerned about your children’s marriage. You can use this type of trust to protect both the income and the capital of the trust funds or assets from their divorce or even their creditors if their financial situation is uncertain.
- Trusts For Persons With Disability: you may wish to provide for a relative with a serious disability in such a way that the means-tested benefits the person is receiving will not be affected by your gift.
- Life Policy Trusts: if you have life policies they can be written in trust so that the proceeds do not form part of your estate for inheritance tax.
- Personal Injury Trusts: If you are expecting to receive a personal injury award you can set up a personal injury trust so that your disability benefits are not affected by the award.
- Declarations of Trusts: You should have one of these whenever you own property jointly with others in unequal shares. This will allow you to say who owns what share in the property and how the property should be dealt with in the event of death of one of the co-owners, or on sale or other event such as separation.
- Pension Policy Spousal Bypass Trusts: This is a useful way of providing for your spouse to enjoy any death in service benefits that you may be entitled to but without the proceeds forming part of their estate.
- Charitable Trusts: you might want to raise funds for a particular cause, or to donate money to set up a new charity. We can set up a charitable trust for that purpose. This will ensure that the charity receives all the tax breaks that are available so that the money you raise or donate can go to the charity’s causes. You can also take advantage of the income tax reliefs.
There are other types of trusts for other purposes. You can check with Remi what type of trust best achieves what you want in a tax-effective way.
Click the button below to get started with setting up your trust in 3 easy steps. You will not be charged yet. Remi will send you the confirmation of the fee with a link for the payment.
STEP 1: Click the Get Started button to complete the form with all the details of the trust.
STEP 2: Remi will send you a link to pay for your trust.
STEP 3: Remi will prepare your trust documents.
Book a consultation with Remi
Not sure whether a trust will work for you? You can book a telephone/skype/zoom consultation with Remi Aiyela to discuss your situation. If after the consultation, you decide to go ahead (within 14 days) the fee for the consultation will be deducted from the cost of your trust.