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Will & Estate Planning 

Protect Your Hard Earned Wealth

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Trusts

A trust is a way of managing assets including: money, investments, land or buildings. There are different types of trusts and can be taxed differently.

Trusts involve:

  • settlor - the person who puts assets into the trust
  • trustee - the person who manages the trust for the settlor
  • beneficiary - the person who benefits from the trust

The two main most-common trusts are:

The Protective Property Trust

  • If property is held jointly as joint tenants it will pass outside of the deceased’s estate and to the surviving tenant.
  • By changing joint ownership of the home to tenants in common the deceased’s share of the property now passes into his estate to be distributed by his Will.
  • The Will then directs that the share of property is passed into a Protective Property Trust which then does THREE jobs:
    • Provides a Life Interest to the surviving spouse or partner
    • Guarantees the ultimate beneficiaries will receive their share
    • Ring fences that asset from any third party attack

Flexible Lifetime Interest Trust

  • The same process is followed after first death
  • The Will then directs that the share of property is passed into a FLIT which then does FOUR jobs:
    • Provides a Life Interest to the surviving spouse or partner
    • Allows the Life Tenant access to capital and income
    • Guarantees the ultimate beneficiaries will receive whatever remains of the share on second death
    • Ring fences that asset from any third party attack
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