Wills and Power of AttorneyA Will allows you to determine how your estate will be distributed in the event of your death. You can put provisions in place for your dependents, your assets and your property.
A Power of Attorney allows you to decide who will take care of your affairs when you are no longer able to, giving you the piece of mind that you, and your affairs, will be looked after.
TrustsUsed in conjunction with your Will & Power of Attorney, a ‘Family Protection Trust’ will help to ensure that your assets pass on to your chosen beneficiaries after your death and that your Trustees can distribute your Estate without incurring unnecessary expense and having to follow complicated legal procedures. Benefits of a Family Protection Trust:
Executory costs can be avoided
Any assets held within the Trust do not require passing through the normal Executory procedure in the Courts thus avoiding these often complicated and costly procedures.
Beneficiaries inherit when it suits them
It’s difficult to predict what situation your children will be in at your time of death. A Family Protection Trust can hold the beneficiaries assets until it suits that person to receive them.
Inheritance Tax problems are solved
Allow your beneficiaries to gain from your estate without adding it to their estate for inheritance tax.
Avoid unwanted claims on your estate
In Scotland all children and at times your grandchildren have a legal right to a share of your estate. If you have alternative plans for your estate a Trust can avoid this.
Avoid sideways disinheritance
When one partner dies the other would usually inherit the entire joint estate. If the surviving partner then re-marries there is a real risk that the estate will then pass on to the new partner and their family, by-passing and effectively disinheriting the original family members. With a Family Protection Trust you can have complete peace of mind that after your death family and loved-ones will receive your legacy and all its benefits without any stressful and costly processes.
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