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Family Protection Trusts - providing for your family in the most tax efficient way

08 September 2021 Wills, Trusts & Estates Alan Roughead

With lockdown having eased, many people are looking at the new normal and planning for their future, so now is as good a time as ever to review your personal and financial affairs.

Have you considered setting up a Trust to manage your assets efficiently?

A Family Protection Trust is a legal way to make sure that your wishes are carried out exactly as you intend. It is an agreement where a person or a company agrees to hold assets for others' benefit, usually their family members, and they can be set up for a variety of reasons including:

  • saving on Inheritance Tax,
  • holding investments, life policies, pension benefits, and private company shares,
  • supporting charitable purposes,
  • holding capital for a period,
  • avoiding splitting ownership of a business,
  • ensuring your partner can keep living in the family home, but on the basis that your estate will eventually be passed on to your children, or
  • providing for a family member who is unable to deal with their own affairs.

Even if you already have a Family Protection Trust established, it is important to regularly review your situation. Objectives change, relationships develop, assets shift, and what was the best course of action five years ago may no longer be appropriate or beneficial for you or your family.

If you would like advice on a possible Trust, or would like to review an existing Trust and do not have a solicitor, then please speak to our experienced team who can advise you of the best course of action.

The world now faces new challenges. The covid pandemic has provided people with a chance to reflect and consider the objectives of their asset protection structures and we are seeing an increase in people looking to plan ahead and put their affairs in order.

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