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Trusts Law
We have extensive experience in the complex area of trusts. We'll assess your situation and advise you on the best approach for your estate and family.
Asset Protection Trusts Legal advice from solicitors in Milton Keynes
Asset protection trusts can be used to safeguard assets for a beneficiary. Once assets, such as the family home, have been placed into a trust, they are protected from threats such as bankruptcy or divorce.
A trust can also be used to provide for a beneficiary who may not have the maturity or mental capacity to handle a large amount of money or who may lose their entitlement to benefits if they were to receive substantial funds. It can be useful for beneficiaries who may be at risk of misspending money, for example, if they have an addiction.
At Milton Keynes-based Heald Solicitors we have extensive experience in the complex area of trusts and we can assess your situation and advise you on the best approach for you, your estate and your family.
An asset protection or lifetime trust allows others to benefit from your assets during your lifetime or afterwards.
How an asset protection trust works
A trust is a method of ringfencing assets so that they can be protected. You can transfer money or property to the trust where it will be looked after by your chosen trustees. The trustees could allow the beneficiaries to have an income from the trust or to live in property owned by the trust, but the beneficiaries would not own any of the assets themselves.
What about care fees?
It should be noted that a trust cannot always be used to protect money or property from being used for care home fees.
If assets are put into a trust by you solely to avoid paying for care, this is classed as deliberate deprivation of assets and local authorities have the power to treat you as if you still owned the assets when a care fee liability assessment is carried out. This might leave you short of funds to pay for suitable care, or cause serious hardship for your family in meeting your needs.
There is no definite time limit on how far back a local authority can look at a transaction when assessing whether there has been deliberate deprivation.
At Milton Keynes-based Heald Solicitors we have extensive experience in the complex area of trusts and we can assess your situation and advise you on the best approach for you, your estate and your family.
Why set up an asset protection trust?
An asset protection or lifetime trust allows others to benefit from your assets during your lifetime or afterwards.
By way of example, if your spouse creates a trust from which you benefit for life when they die, you can receive an income from the trust during your lifetime, with the trust assets passing to your children when you die.
For expert advice contact our trust solicitors
It is always important to consider the tax aspects and other implications of setting up a trust to ensure that it is the right decision for your family.
At Heald Solicitors, our trusts solicitors are experts in setting up the right trust for your unique situation. While our office is in Milton Keynes, we are experienced in working with clients throughout England and Wales, often remotely, meaning that you can expect the same expert legal advice and excellent client care wherever you are located.
If you wish to talk to us about setting up an asset protection trust or you have any questions about how trusts work, please get in touch with our legal expert Sara Taylor .
01908 662277[email protected]
Why choose Heald Solicitors to be your Wills, Trusts and Probate lawyers?
At Heald Solicitors in Milton Keynes, our team have extensive experience in dealing with Wills, trusts and probate, including complex or high-value estates, business succession and dispute resolution.
We understand that dealing with Wills and probate can be challenging, and you will find us sympathetic and approachable. We provide excellent client care and will ensure we are always available to speak to you to discuss the progress of your matter and answer any questions you may have.
We work proactively to ensure that your case is dealt with as quickly and efficiently as possible. We will always keep our costs to a minimum to ensure you receive good value.
Our approachable and dedicated team takes the time to understand your situation and provides transparent, jargon-free advice. We pride ourselves on our commitment to excellent client service and delivering timely, effective results.
At Heald Solicitors, we are more than just your solicitors; we are your partners in planning, protecting, and preserving your legacy. Trust in our expertise and dedication to secure your future.
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