Sometimes people aren’t entirely comfortable with making “outright” gifts to their beneficiaries; you might know, for example, that you want to leave something (or everything) to your partner, your children, or to other beneficiaries – but you have some reservations about doing so.
If leaving something to a partner, a common concern is the prospect that he or she may form a new relationship in future; in which case, your assets could end up in the hands of unintended beneficiaries (the new partner, or perhaps, new children). If leaving something to your children, the possible anxieties and uncertainties about how life will treat them, and what might become of your assets as a result, are endless.
It might also be that you want different people to have the benefit of the same assets – but in different ways, and at different times.
What are the options?
Whatever your concerns or wishes, it’s quite possible that establishing a trust may be prudent; and it’s far simpler than most people realise.
In all cases, you’ll appoint people you trust to be your “Trustees” – these are the people who will hold your assets on the terms of the trust (which you’ve decided), after your death; they will make sure that those terms are effected; and they will ensure that the trust is administered properly.
How can we help?
We feel it’s best to start with your wishes. If you’ve indicated to us that you have any concerns about passing your assets outright – or any particular worries about how your assets might be dealt with after your death – then the Wealth Check will provide you with an excellent starting point, with some general advice about the options.
Once you’ve considered this, we’ll discuss things in a little more detail; and if it looks like establishing a trust may be a good idea for you, we’ll explain how they can help you achieve your objectives. If it’s an option you’d like to consider, we’ll determine the best way of putting your wishes into effect, in a way that gives you confidence that your concerns have been catered for.