What different kinds of trusts are there?

 

The most commonly used trusts are listed below:

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• Property Protection Trust - this could be used to protect your share of the family home, upon your death, should your partner ever remarry or incur care costs. It is especially useful if you have children from previous relationships and wish them to benefit.

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• Flexible Life Interest Trust - this could be used to protect your share of the family home plus any assets you individually own e.g. pensions, savings, investments. This Trust is extremely flexible and gives the Trustees power to advance income and capital at their discretion to provide for your surviving partner or children.

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• Nil Rate Band Discretionary Trust - this can be used if you are an unmarried couple. An individuals current Nil Rate Band is £325,000, married couples currently have an Inheritance Tax threshold of £650,000. This trust would allow your partner to be able to benefit from your Nil Rate Band of £325,000.

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• Discretionary Trusts - this kind of Trust allows the Trustees control over when assets are distributed to the chosen beneficiaries. This can be useful if your partner or children have any financial issues, are going through a divorce or you have any addiction concerns. 

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These are not the only Trusts we can help with. If you need any more information please give us a call or send us a message and we will be happy to assist.