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Will & Estate Planning
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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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