Trusts are a legal arrangement that protect your assets. There are two types, one that works whilst you’re alive and the other after you die. Many people put their property and money into a trust to secure a future for their children.

There are different types of trusts available to suit a variety of needs.

Wellingborough Wills can talk you through the options available in order to select the correct solution depending on what assets you’re looking to secure.

You can have more than one trust depending on what you’re going to be leaving behind. There are many reasons why you may have trusts:

-      Protecting property until children reach an age where they are legally able to take possession of it

-      Stop your property being sold to pay for care services

-      Reduce inheritance tax liability

-      To protect children from ‘sideways disinheritance’  

-      To provide for a spouse whilst keeping inheritance intact for children.

If you choose to create a trust for your assets you will need to appoint trustees.

You can choose between one and four trustees, and it is usually best practice to appoint at least two.

You may appoint the same people that you have chosen to be your executors, or the guardians for your children.