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  1. Apr 12, 2024 · Will trusts allow you to pass on your property within a trust structure. Which? explains how will trusts work and whether it's worth having one within your will. Find out about what will trusts and lifetime trusts are, and whether one might be right for you.

    • Protective Property Trusts
    • What Is A Trust?
    • How Does The Trust Work?
    • Is A Trust Still Suitable For Me?
    • What Happens If I Have to Go Into Care After Putting My House Into Trust?
    • What Happens to The Trust After My Death?
    • What Happens If I No Longer Want The Trust?
    • What Should I Do If I Have Changed My Wishes Since I Set Up The Trust?
    • What Are The Tax Consequences of My Trust?
    • Inheritance Tax

    For most people, their home is their main asset which is no wonder why you choose to protect and preserve the value of it for your families and loved ones, against circumstances outside of your control. When you set up your property trust you retained the right to continue living in your property but technically you no longer own the property. The ...

    A trust is a legal arrangement where you entrust the legal interest of cash, property or investments to someone else so they can look after them for either your benefit and/or your chosen beneficiaries. There are some important roles and terms within a trust that you should understand: 1. Trustees – these are the people who own the legal interest o...

    When you set up the trust, you decided on the rules about how it is managed. You transferred the legal title of the property into the names of your chosen Trustees. You are the Life Tenant of the trust and the terms of the trust give you a life interest as detailed above. The Trustees are able to sell the property and purchase an alternative proper...

    Each client is different so if it has been some time since you set up your Trust you may wish to review it with one of our experts to see if you are still happy with all of the terms.

    Provided that sufficient time has passed since placing the property into trust (we would say at least 5 years) then the local authority should not assess you as owning your own home unless they claim that you intended to deprive yourself of capital to avoid paying care home fees. These are all factors you would have considered before setting up you...

    It would be expected that your chosen Trustees would transfer the trust fund (which may consist of the property or cash (if the property has been sold) to your chosen beneficiaries as per your letter of wishes. You may already have a letter of wishes, however, it is a good idea to update this or write one which can then be placed with your trust do...

    The Trustees can consider terminating the trust by appointing out the capital proceeds back to you as the Settlors or to your nominated beneficiaries. If this is something you are considering you should speak to one of our experts who can advise you in your particular circumstances and draft the necessary paperwork. There will be a charge for this ...

    When you set up your trust you would have been encouraged to write a letter of wishes to your Trustees on how you would like them to manage your trust during your lifetime and what you would like to happen with the Trust assets after your death. This document is informal and not legally binding. If your wishes have changed you should update or writ...

    You should be aware that this type of trust is known as a relevant property trust which have their own tax regime as detailed below.

    Ten Year Anniversary Charges HMRC make a charge for Inheritance Tax every ten years during the existence of a trust, sometimes referred to as the “periodic charge”. The ten year anniversaries are counted from the date of the creation of the trust. The periodic charge calculation can be complex but will be a maximum rate of 6% on the amount by which...

  2. Jan 17, 2020 · Find out how much you could protect. Trust Wills can be used by co-owners of a property, for example a husband and wife, to protect their home and savings from things such as care home fees and remarriage. The calculator below tells you how much you could protect.

  3. May 12, 2021 · A trust in land (such as a beneficial interest in property) cannot be protected by way of a notice, as a trust will not be binding on a buyer so long as the buyer pays the purchase price to two or more trustees.

  4. Jan 16, 2024 · For all of these reasons, it is not advisable to set up a trust if your only or main purpose is to avoid or reduce inheritance tax. Trust & Care Home Fees. Putting a house in trust reduces the value of your assets on a financial assessment for local authority care home funding.

  5. Oct 16, 2023 · However, it’s important to clarify that a trustee does not own the property held within the trust. Instead, they are entrusted with the management and care of these assets for the benefit of the trust’s beneficiaries. What does putting a house in trust mean?

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  7. www.lawsociety.org.uk › public › for-public-visitorsTrusts - The Law Society

    The trustees are the legal owners of the assets held in a trust. Their role is to: deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will. manage the trust on a day-to-day basis and pay any tax due. decide how to invest or use the trust’s assets.

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