Trusts
Family Financial Planning have expertise and experience in setting up numerous types of trust. You can read how to get started here, then call us to discuss your individualised needs.
A Family Protection Trust is a legal structure designed to protect your family’s wealth and assets from risks such as inheritance tax, long-term care costs, and creditors.
We can help you to transfer your assets into the trust, ensuring they are safeguarded for future generations.
We were impressed by the level of professionalism and dedication from you. You helped us put a solid estate plan in place and were incredibly patient in answering all our questions. It’s a huge relief to have everything organised.
Benefits of a Family Protection Trust
- Protection from Care Costs: Assets placed in a trust may not be considered part of your estate when assessing your eligibility for long-term care funding.
- Inheritance Tax Efficiency: FPTs can be structured to minimise inheritance tax liabilities, ensuring more of your wealth goes to your family.
- Shielding Against Creditors: If you or your beneficiaries face financial difficulties, assets in the trust are protected from creditors.
Why Set Up a Family Protection Trust?
- Protect Your Legacy An FPT allows you to safeguard your assets and ensure they are passed down to your chosen beneficiaries without being depleted by taxes, creditors, or care costs.
- Avoid Probate Assets held in a trust bypass probate, meaning your beneficiaries can access them quickly and without legal delays.
- Control Over Distribution You can control how and when your assets are distributed to your family, ensuring they are used wisely and according to your wishes.
How to Set Up a Family Protection Trust
- Choose Trustees: Appoint trusted individuals to manage the assets in your trust.
- Draft the Trust Agreement: Specify the terms, beneficiaries, and conditions for distributing your assets.
- Transfer Assets into the Trust: Legally transfer your chosen assets into the trust to activate its protections.
Common Misconceptions
- You Lose Control of Your Assets: While assets are technically owned by the trust, you can still manage them or benefit from them during your lifetime.
- Trusts are Only for the Wealthy: Trusts are beneficial for a wide range of people, not just those with substantial estates.
…Richard, at Family Financial, made it sound so easy, and once we thought about what was important to us he handled everything, checked and double checked. We’ve never felt more secure about our families future
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