Will you Trust Me?
Mel Taylor delivers some sage advice on estate planning
Having spent over 25 years as a financial advisor and most recently as a high net worth investment specialist within a large international bank, advising premier customers on investment portfolios. I am very aware that later life planning is something that the major financial organisations are not advising clients on.
I set up Green Lane Trust Solutions to enable me to advise clients on areas they may have little or no knowledge about and to help them protect their hard earned wealth. Unlike most Will Writing companies we do not only offer the basic services such as Wills and Lasting Power of Attorneys, but we specialise in more advanced estate Planning Solutions. I feel that having been an advisor for over 25 years sets me apart from other estate planners most of whom have no financial services qualifications or experience. I feel I stand out within the market place because of this and I offer specialist Estate Planning Services that are way above and beyond the normal levels of expertise in the Will Writing industry.
The most common type of Trust that is written within Wills for married couples is called Property Protective Trust (PPT). With this type of Trust each partner would choose to leave their share of the property to someone other than the surviving partner (usually this would be children). The benefit of doing this is that when one partner dies, their share goes into a Trust for the benefit of their chosen beneficiary, thus protecting half the property’s value against potential liabilities on the survivor’s estate. A life interest clause is written into the Will, meaning that the surviving partner has full residential rights to the property and can even move house if they wish to, and also prevents the children from selling the house without the survivor’s permission, or move them out of the property against their wishes.
Another of our popular Trusts has been designed to help people protect their assets that cannot be achieved by simply having a Will in place. Often “Trusts” are associated with only the rich. This is certainly not the case for the Family Protection Trust. This is for people that wish to pass their assets on to their children or other chosen beneficiary’s whilst making the process as easy as possible. You simply place your assets into the Family Protection Trust, which is established in your name and is for the benefit of you whilst you are alive. The important thing to remember is that you remain in complete control of the Trust and all the assets within it during your lifetime. Some of the benefits of The Family Protection Trust are:
• Avoid probate – reducing the burden of both time and costs for your executors.
• Potentially protect against care costs – should residential care be needed in the future.
• Provide for your Children in the event of divorce – ensure assets they have inherited from you are not passed to in-laws but remain with your children and grand-children.
• Sideways disinheritance – protect your beneficiaries against accidentally losing your family assets on re-marriage.
• Dependent relative claims – help safeguard against your Will being contested.
• Inheritance tax – help avoid creating an inheritance tax on beneficiary’s estate.
• We also offer a very personal Probate service. By working closely with the executors and trustees on your will and helping them obtain probate at what can be a very sensitive and upsetting time.
For a free discussion on your personal requirements you can call Mel on 07561 508857 or email mel@greenlanewillsandtrusts.co.uk
For further information visit the website at greenlanewillsandtrusts.co.uk
