Trusts

My Family Legacy can ensure that any monies and assets left to loved ones are safeguarded in trust.

At My family Legacy, we don’t want you to leave anything to chance when planning your future and we strongly recommend that you consider putting into a trust any monies or assets that feature in your will.

What is a trust?

A trust is a second layer of protection after your will,  It ensures that the content of your will is directed at the correct person or persons, whilst a trust ensures that as much of your assets are securely “stored” so that the maximum is available to those who feature in your will.

When leaving a Will, beneficiaries can sometimes be subject to Inheritance Tax. The amount left to someone and their personal circumstances will influence this. There are clear guidelines set out with the average tax on assets received being 40% - that’s a lot that gets given over to HMRC.

Let us help you do better than that.

We can ensure that a trust is designed to safeguard as much of the contents of your will as possible and only becomes active upon death.  This means the money is not tied up, it simply has a prescribed “home” and is safely stored under a virtual “lock and key”.

How do I set up a trust?

Setting up a trust can be part and parcel of writing your will.  My Family Legacy will guide you through the process as you start to discuss your monies, assets and beneficiaries set out in your will.  For clarity, it will be helpful to start thinking about:

  • Listing out your monies and assets (you may have already done this for your will)
  • Thinking about your key beneficiaries and how you will allocate these assets
  • Appointing two trustees (and a reserve trustee possibly) who will work on your behalf at the time of your death

My Family Legacy will consult on all the paperwork to ensure that you are in a strong position to put in place a well thought through trust.  And if the paperwork identifies an issue or even an opportunity, we have the right trusted partners to support you – independent financial advisors, X, X – to ensure you have everything that you need.

Is a trust really necessary?

The simple answer is “no”.  However, more people are electing to have their assets directed to trust at their death as this will ensure that only nominated beneifiaries and their direct descendants will receive the bequeathed assets. This is often referred as "Bloodline Planning". Having a trust in place not only makes the most of your assets, but it also safeguards your assets in certain difficult circumstances.

The world is a more complicated place these days, and where a widow or widower may never have remarried in times gone by, it is now commonplace for an individual to marry for a second time.  This can bring financial complications such as your children missing out if your partner dies before a new spouse. If you’re not prepared, it  may jeopardize the intended beneficiary of your will.  But if you set up a trust in your Will, only your nominated beneficiaries will ever receive.

If you’re concerned about what would happen to your monies or assets if a child got divorced, we can put in place a trust to ringfence the beneficiary as your child only.

Ready to start the conversation?

You have choices, let us support you to make the right ones.

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