ASSET PROTECTION TRUSTS
Would you like to protect your hard earned assets from;
· Divorce? · Bankruptcy? · Re-marriage? · Unsecured creditors? · Undeserving claimants? · Save on Probate Fees?
Keep your assets in your bloodline and protect from sideways inheritance.
An Asset Protection Trust is specifically designed to protect your hard worked for assets during your lifetime and to give you the peace of mind that they can pass on securely and intact to your spouse, your children and their bloodline (or other named beneficiaries) after your death.
A Will can only control the assets that you own at the date of your death and if these have been eroded during your lifetime by events such as those listed above, then there could be little, if anything, for your beneficiaries to inherit. With an Asset Protection Trust, you can “ring fence” your assets such as your home and your savings.
WHY AN ASSET PROTECTION TRUST?
When we die our Will, if we have one, directs who is to get what. Assuming that there are sufficient assets in your Estate when you do die, then that is what will happen. Sometimes, however, the circumstances of our beneficiaries may be such that receiving an inheritance could actually be detrimental. Anyone in receipt of benefits, is being chased by Creditors, is going through a bad period with health issues such as drug or alcohol abuse or just generally cannot manage money could be adversely affected by an inheritance. A trust is different because when you die the Trust does not end. It has a potential life span of 125 years. So, when you die your instructions may be that various beneficiaries can share the trust assets but, the difference is that they do not have to. The beneficiary can choose to leave their entitlement where it is, protected in the Trust.
If you have a beneficiary who is disabled or vulnerable, their inheritance can be protected by the Trust and managed for the benefit of that beneficiary.
The trust can also manage situations where you leave a surviving spouse or partner, but have children from a previous relationship or marriage that you would like to ultimately benefit. The Trust can be used to protect their intended inheritance whilst still looking after your spouse or partner and giving them a home for the rest of their lives.
The value of the Trust won’t be eroded by expensive probate costs. When you die your Trustees can pass the assets to your beneficiaries, in accordance with your wishes, without having to follow any complicated processes or procedures or applying for a Grant of Probate.