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Asset Protection Trusts Stotfold
Wills are means used to ensure properties are well managed and disposed according to a person’s last wish in death. A will can be viewed as an express form of discretionary trust.
The will is drafted as a document during one’s lifetime and it acts as a good way to protect and ring-fence assets. The first step in writing a will is to understand that it can protect your assets for you as well as your family. For the whole process to be complete one needs to appoint beneficiaries (these are the people who execute the will) and then put assets into the will. The assets put in the will become owned by the beneficiary given by you.
To save your family the trouble of laws of intestacy coming over to make decisions on how to distribute your wealth, one should make a will giving instructions of how their property should be appropriated in death. A will also ensures that your loved ones will not have added complications in administering your estate. In drafting a will, you can ensure that an unmarried partner is catered for as the law has no provision that will recognize automatically such a partner’s claim to part of your estate.
Deciding to leave your estate to your family and friends means making a will. If you die before making a will, the law decides what happens to your estate.
Making a will ensures that your wishes can be actioned and the beneficiaries will be the people you have chosen. Sometimes though, there are other considerations to take into account. What will happen if you need some of your estate to pay for care in your old age? If you are the owner of a property you intended to leave to family members it could be sold. Asset Protection Trusts are one way of arranging your estate so that it is left to the ones you choose.
The area of Asset Protection is extensive and complicated. Always obtain professional advice before deciding which course of action to take. There are several ways of setting up a trust, and you should be sure that you choose the correct one for your circumstances. Consideration should be given to the attitude of the Local Authority, who when assessing for provision of care, will want to take into account the value of a property. An ineffective Trust could lead to the entitlement to state benefits being removed. There may be issues around Capital Gains Tax, Inheritance Tax or even Income Tax, so reliable information is essential and should always be sought.
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