Estate planning
Trusts
Omni Lifetime Planning specialise in setting up trusts within wills for various purposes. Some of these could be:
- To control and protect family assets.
- To protect your home.
- When someone's too young to handle their affairs.
- When someone can't handle their affairs because they're incapacitated.
- To protect assets while you're still alive.
- To protect assets when you die (a 'will trust').
For instance, a Protective Property Trust in your will can protect your share of the home for your children, even if your surviving partner later needs to pay for long-term care.
It will also protect against 'sideways disinheritance' should one partner re-marry after the death of their spouse.
An alternative to gifting is to consider using a trust which enables you to make a gift yet delay when the money is distributed. This allows you to stay in control of how and when money might be distributed.
With careful planning, you can have the access and control of the money you need to maintain your required standard of living, at the same time as providing for your loved ones and reducing the IHT liability on your estate.
Contact us today to discuss your will and setting up trusts to see how we can protect your loved ones.
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Our sister company
Financial advice from Omni Financial
Trusts often work alongside inheritance tax planning and investments. Omni Financial can advise on the financial side.
Q&A
Questions & answers
What is a trust?
A trust is an arrangement where trustees you choose hold and manage assets for the benefit of others, the beneficiaries, under the terms you set.
Why would I put a trust in my will?
To protect assets for children until they are old enough, to provide for children from a previous relationship, to look after a vulnerable beneficiary, or to guard against sideways disinheritance.
Do trusts reduce inheritance tax?
Some can help, but the rules are complex and some trusts have tax charges of their own, so advice is essential before setting one up.
Your first meeting is free
Talk to our estate planning team in St Albans. Call 01727 220053 or send us a message.