01529 306005 info@sjdrury.co.uk

Trusts

What is a trust?

A trust is an arrangement that allows trustees, to hold assets on behalf of your beneficiary or beneficiaries. Trusts can be set up in many ways and you can specify exactly how and when the assets pass to your beneficiaries.

Assets can include things like: Your home, cash, investments, treasured possessions and Life Assurance policies etc.

Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might through a will, saving time, court fees, and potentially reducing estate taxes as well.

Other benefits of trusts include:

Control. You can specify the terms of a trust, controlling when and to whom distributions may be made. You may also, set up the trust so that the assets remain accessible to you during your lifetime while remaining assets pass upon your death to your chosen beneficiaries.

Trusts are very useful when there are complex situations such as children from more than one marriage. A properly constructed trust can help protect your estate from your heirs’ creditors or from beneficiaries who may not be very good at money management.

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Protecting your home and your assets

Most people work extremely hard during their lifetime to own their own property, and therefore want to ensure that their property or the sale proceeds will pass to their loved ones when they pass away.

Here at SJ Drury and Associates we help put the necessary policies in place to make sure this will happen. However, there are events that can prevent this from happening: 

Where the surviving spouse or partner remarries and then:

  • Dies before the new spouse leaving no valid Will and then everything will pass by the Laws of Intestacy to the new spouse therefore disinheriting your children or loved ones.
  • Or, dies leaving everything to the new spouse or partner by Will and disinheriting your own children or loved ones.
  • Or, divorces, losing 50% or more of the estate (your children’s inheritance).
The surviving spouse or partner owns a property jointly:

The surviving spouse or partner owns a property jointly (by selling the existing property and using the proceeds to purchase a new property) with a new spouse or partner and dies first. The property passes automatically to the new spouse/partner disinheriting your children or loved ones.

Your surviving spouse or partner suffering a physical or mental illness:

Your surviving spouse or partner suffering a physical or mental illness and needing care home facilities in the future, the assessment by the local authority is likely to take the property into account.

Therefore, if your property is owned jointly then the surviving spouse or partner will become the sole owner, this means that 100% of the property will be taken into account to pay for the survivor’s care.

Telephone:

01529 306005

Email:

info@sjdrury.co.uk

SJ Drury & Associates is a trading name of Stephen James Drury & Associates Limited. Registered in UK & Wales. 10326844.

Correspondence address: 21 Ashfield Road, Sleaford, Lincolnshire, NG34 7DZ

Head office: 3 Dronfield Court, Wards Yard, Dronfield, S18 1NQ

VAT No: 270 1506 37

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