DAVIES LEGAL ARE BASED IN MEDWAY AND PROVIDE SERVICES THROUGHOUT MEDWAY & KENT
About Our Trust Services
Davies Legal are able to provide you with advice as to the best Trust suitable for your individual/family circumstances.
Property Protection Trust
Protects the deceased’s share of the family home from the following:
- Care fee costs
- Re-marriage (the new partner/spouse could end up with your house)
- Your surviving spouse having more children, diluting the share that should go to your children that you had with your surviving spouse or children from a previous relationship
- Bankruptcy (creditors trying to get their money back)
A Property Protection Trust also safeguards your savings and investments and the financially destructive effects of divorce, it gives spouse or partner a life interest to live and enjoy the property during their lifetime.
Discretionary Trust of Residue
Can be used to ring fence assets, beneficiaries can be spouse and children or used more effectively where the testator has concerns regarding children, such as spendthrift, drink or drug problems.
Discretionary Trust For a Disabled Person
Protects assets and benefits for the future benefit of the disabled dependent beneficiary.
Flexible Life Interest Trust
The Testator wishes to retain control over destination of his or her assets by granting a life interest. Property needs to be held as tenants in common. Used where a couple have been married previously and wish to preserve assets for their own children. Key benefits:
- Guarantees who will benefit from your cash assets and investments as well as property if your surviving spouse/partner either remarries, enters into a new relationship or writes a new Will after your death
- Allows a nominated person to benefit from the income generated from your investments when you are gone, whilst protecting the capital value for future generations
- Reduce the potential impact of residential care fees on the value of your estate should your surviving partner go into care.
Right to Occupy Or Reside
Gives the spouse, partner, children or others, the right to live in the testator’s property after death but unlike a life interest (Property Protection Trust) the rights will end at a specific age, time or event.
Interest In Possession Trust/Immediate Post Death Interest Trust
A simple but effective trust where the testator wants to preserve their assets but provide for their spouse/partner. An interest in possession trust is one where the beneficiary of a trust has an immediate and automatic right to the income from the trust as it arises. The trustee (the person running the trust) must pass all of the income received, less any trustees’ expenses, to the beneficiary.
A beneficiary who is entitled to the income of the trust for life is known as a ‘life tenant’ or as ‘having a life interest’. A beneficiary who is entitled to the trust capital is known as the ‘remainderman’ or the ‘capital beneficiary’.
The beneficiary who receives income (the ‘income beneficiary’) often doesn’t have any rights over the capital of such a trust – instead the capital will normally pass to a different beneficiary or beneficiaries in the future. Depending on the terms of the trust, the trustees might have the power to pay capital to a beneficiary even though that beneficiary only has a right to receive income.
Family Trust/Lifetime Asset Protection Trust
This is a Trust for the Property during your lifetime, with the potential aim of taking the property out of your estate to save it from being subject to Probate. For further detailed information, please contact Davies Legal.
Protects business and families in the event of death or critical illness or mental/physical incapacity of business owner and/or partners.
Without the full and proper protection in place, you are leaving your business and your family exposed to potential financial disaster. You could:
- Lose control of your business
- Your family could receive an unfair value of your business
- Your family could pay unnecessary tax to the taxman
Davies Legal like to visit you in the comfort of your own home or place of work to discuss all aspects involved in Trusts and will writing services. We are happy to visit you morning, afternoon or evening. We are based in Medway and cover all of Medway and Kent.
Davies Legal is based in Medway and provides home visit services throughout all of Medway & Kent