Family Protection Trusts

Old couple

What is a Family Protection Trust?

A Family Protection Trust is a legal way to make sure that your wishes are carried out exactly as you intend. Working alongside your Will, the Trust will hold your assets and save your family the delays and expense of probate. You can protect your home, cash, investments and bank deposits in your Trust.

If you’re interested in arranging a Family Protection Trust, contact us today.

Benefits of a Family Protection Trust

A Family Protection Trust can give you peace of mind that your wishes will be respected and your family will be provided for as you wish.lightbulb made of wool

  • There’s no need for probate, saving your family time and money
  • Sideways disinheritance is prevented, so your loved ones are guaranteed their inheritance
  • Children can inherit at a time right for them
  • Your family will find it easier to plan for any Inheritance Tax issues
  • A Trust is much harder to challenge than a Will, if there are any claims
  • May offer protection against care home fees

According to the Money Advice Service, a solicitor could charge as much as 5% of the total value of your estate. But with a Trust, your estate will pass directly onto your loved ones as you wish.

Your assets can be placed in a Trust without a lifetime Inheritance Tax charge if they’re worth up to £325,000 for a single person, or £650,000 for a couple.

Granddaughter playing with GrandparentsHow it works

A Family Protection Trust acts as a safety deposit box for your assets, which you can access at any time. As you control the Trust, you will be able to make as many changes you want. Just as you choose who benefits from your Will, you can also decide who will inherit from your Trust.

You nominate people to be responsible for the Trust’s assets. We help make choosing these Trustees simple. They could be:

Your partner
Other family members
Trusted friends

You will continue to be the main Trustee during your lifetime.

piggy bankWhen you are gone, the Trustees will help carry out your wishes in the future and provide for your family. Your family can decide when they would like to receive their inheritance and the assets will also be protected from bankruptcy repayments.

Bear in mind that a Family Protection Trust must be created during your lifetime, while you’re of sound mind.

We also provide Property Protection Trusts.

If you want to know more about Family Protection Trusts, click below to visit our Trusts FAQs page.

Ready to know more?

Get in touch and speak to one of our friendly advisers today.