You work hard all your life building up assets and wealth, for yourself and your family, in the hope that one day you will pass on some of the fruits of your labour to your family. Well, it doesn’t always happen like that. That’s why you need to inform yourself about what setting up a Family Protection Trust can do for you.
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.
Hopefully you will never have to go into care but unfortunately one in three women over the age of sixty five and one in four men over sixty five do go into care at some time so it can never be ruled out. We are all living longer and so the chances that we might need care later in life are increasing. Whilst family might have the best intentions in wishing to take care of you, in reality, it may not be a realistic option.
It is still worth it as it will save the time and trouble involved in winding up your estate. If your house is still in your names when you die then you will need a Solicitor to carry out the Probate procedure which could cost several thousand pounds. If however, the house is in the Trust then the remaining Trustees can deal with the house immediately after you die and thereby avoid the Probate procedure altogether.
The Financial Conduct Authority does not regulate the following: Some forms of Buy to Lets, Commercial Finance, Secured or Unsecured Loans, Overseas Mortgages, Wills and Trusts.
This service is offered by referral to a third party.