Don’t wait until it’s too late. Now is the perfect time to establish a Family Protection Trust. None of us can predict what the future holds.
Here, we aim to provide you with valuable information about setting up a Family Protection Trust. We will cover the following topics:
- 1. What is a Family Protection Trust?
- 2. The importance of Estate Planning
- 3. Benefits of Establishing a Family Protection Trust
- 4. Steps to Set up A Family Protection Trust
- 5. Estate Planning Solicitors at Jones Whyte
What is a Family Protection Trust?
Are you looking to protect your assets, retain some control after death and secure your family’s future? At Jones Whyte, we understand that everyone’s needs and circumstances are unique which is why our Family Protection Trust’s go beyond the generic service approach. We recognise that establishing a Family Protection Trust demands thoughtful consideration and personalised attention to ensure it seamlessly aligns with your specific requirements.
Setting up a Family Protect Trust is like putting your assets into a secure safety deposit box. It is important to note you have the flexibility to add or remove assets as and when required. A designated Trustee is appointed to oversee and manage the Trust, either alongside you or independently on your behalf.
Whether you opt to establish a Trust during your lifetime or through provisions within your Will to come into effect after you’ve passed away, our Family Protection Trust solicitors and consultants are here to guide you through every step of the process. We will provide a bespoke service to ensure your wishes are granted.
The Family Protection Trust is particularly favoured by individuals who are keen to protect their assets and provide for their loved ones.
Importance of Estate Planning
Having a comprehensive estate plan in place is crucial if you would like to ensure the protection of your wealth for both yourself and your loved ones after your passing. Without such a plan the law decides how your assets are distributed, which may not align with your wishes.
Furthermore, estate planning is also vital to help avoid conflicts and disputes among your family members once you’re no longer here. By clearly outlining your wishes, you can help prevent misunderstandings and disagreements, ensuring that everyone you would wish to benefit is provided for in the future.
Ultimately, estate planning offers peace of mind, knowing that your loved ones will be taken care of according to your wishes, thus providing you with a sense of comfort and assurance.
Get In Touch With An Estate Planning Lawyer Today
Get in touch with one of our Estate Planning lawyers who will be able to give clear and straightforward legal advice about Family Protection Trust’s.
Benefits of Establishing a Family Protection Trust
Here are several reasons why setting up a Family Protection Trust is advantageous:
- – By establishing a Family Protection Trust, this ensures that your assets are passed down to future generations, ensuring a lasting financial legacy for your family.
- – The Trust allows for assets to be passed to children or grandchildren, but with specific provisions in place to ensure they receive them when they are older.
- – In the event of a marriage or divorce, the assets held within the Trust will be safeguarded.
- – The Trust ensures a spouse can benefit from family assets during their lifetime before eventually passing them to children or grandchildren.
- – It is possible to efficiently pass assets to family members with minimised tax implications.
- – A Family Protection Trust provides a means to protect an inheritance from any claim on a beneficiaries estate.
By establishing a Family Protection Trust, you not only secure the financial well-being of your loved ones but also gain peace of mind knowing your assets are being protected and distributed how you would wish.
How you can Set up A Family Protection Trust
The initial step entails selecting a Trustee who will be responsible for managing the Trust’s assets. This decision is important as the Trustee plays a significant role in protecting your assets according to your wishes.
Following this, carefully consider which assets you intent to place within the Trust, along with any specific instructions for their management.
At Jones Whyte, our team of Family Protection Trust lawyers and consultants are here to help you through this process. Our knowledgeable team are well-equipped to guide you through the various options and assist you in selecting the most suitable one for your unique circumstances.
By choosing Jones Whyte for your Family Protection Trust, you can rest assured that your assets will be handled with care and expertise.
Estate Planning Solicitors at Jones Whyte
If a Family Protection Trust sound like something you would be interested in. Our expert Estate Planning solicitors and consultants can assist you in protecting and managing your assets both now and for the future.
Our team can also provide guidance on a variety of other services, including:
Reach out to us today for expert guidance on establishing your Family Protection Trust. Our team is based in West George Street, Glasgow, Scotland. However, if you live further afield, we are more than willing to accommodate communication methods and do this remotely.
Get in touch
Speak to one of our experience legal team, and get responsive, clear, and straightforward legal advice and support.