We know that many parents want to pass wealth to their children but are worried about transferring assets to them outright.
Your current situation
Your children may be involved in a risky business venture, or in an unsteady relationship, or maybe you simply feel that they’re not ready to receive large amounts of cash in their own right. Perhaps you are also concerned about nursing home fees and would want to consider whether it is possible to protect part of your estate to pass down.
Alternatively, you might wish to provide for a disabled child, or could have received a compensation award from medical negligence and may be looking for ways to protect the money for the future.
Setting up a trust
A useful answer to lots of these problems is setting up a trust. Trusts can be used to allow individuals to benefit from your wealth but without giving them outright control over the assets. Trusts are also a good way of shielding your assets from being taken into account for various assessments.
Depending on your personal situation, there are various options available for the trusts that you might want to set up. Whether you want to put something in place during your lifetime or in your Will only, or have particular circumstances following a successful medical negligence claim, we’d be pleased to talk you through your options and advise you on the solution that may be right for you.
What we can help with
We can advise you on:
- creating trusts during lifetime and by Will
- specialist trusts, such as disabled person’s trusts and Personal Injury trusts
- the tax regimes for trusts
- trustees’ powers and duties
- trust administration.