An appropriately worded trust allows you to control how your money is used after your death. Trusts can protect your home and savings from creditors and the taxman. Trusts can be set up in your lifetime. They can also arise on death under the terms of your Will.
If you leave your home and savings directly to your children, you no longer have control over how they use them. If you make a gift to your children to help them onto the property ladder, that child could get into financial difficulty or go through a messy divorce. In these circumstances, your gift could be taken by creditors or become part of the divorce settlement.
If you leave everything directly to your partner, and they subsequently need long term care, your house could be sold and the proceeds used to fund their care.
If you want to set up a trust, we can prepare the paperwork and also advise on the tax and administration implications connected to it.
We can assist you with choosing the right kind of trust within your Will, setting up the correct trust in your lifetime, and your duties if you have been appointed as a trustee under an established trust.
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What is Elderflower?
Elderflower provides specialist legal and financial advice to those at, or approaching retirement age. It is an umbrella service which brings together respected and regulated professional firms in Yorkshire including solicitors financial advisers and accountants. Elderflower has been created by Ridley and Hall LLP. Find out more »