Should I Have a Trust?

Note: The following article is part of our Complimentary Articles Series, designed to provide additional insights and detailed information on specific topics within estate planning.

Alongside this article, we suggest exploring our pillar articles for a comprehensive understanding of general estate planning issues.

• Should I Have a Trust?
• Why Gift Assets into a Trust During My Lifetime?
• When Should I Consider Getting a Trust?
• What is a Trustee?
• How Do I Remove a Trustee?
• Can I Have More Than One Trustee?

INTRODUCTION

When deciding how to manage and safeguard your assets for the future, you're probably wondering whether to include a Trust in your estate plan.

The short answer is this is highly personal since it requires a careful assessment of your personal and financial goals, the circumstances of your loved ones, the value of your entire Estate, even timing.

This article provides a brief overview of the most important factors when deciding whether a Trust is for you or not. For context, we recommend you read our related articles on Trusts.

GUIDING FACTORS

• Avoiding Probate: A Trust allows assets to be directly transferred to Beneficiaries without having to go through the time-consuming and expensive process of Probate.

• Privacy: A Trust can protect the confidentiality of your Estate and how you distribute it distribution. On the other hand, the distribution of assets through a Will becomes part of the public record during the Probate process.

• Control Over Distribution of Assets: Trusts give you more say over when and how your assets are distributed. For instance, you can mandate that specific assets be held in Trust until a specific Beneficiary reaches a certain age.

• Protection for Beneficiaries: A Trust can guarantee that assets are safeguarded and used in the best interests of Beneficiaries, particularly for those who have small children or those who may not handle a lump sum inheritance sensibly.

• Special Situations: Trusts can also be helpful when providing for a family member with special needs without compromising their eligibility for government assistance or when dealing with complex family situations like blended families.

• Protection Against Legal Challenges: Wills are easier to contest than Trusts, which offer a better defence against potential disputes among prospective Beneficiaries.

• Management of Assets in Case of Incapacity: Should you ever become incapacitated, a Living Trust enables the administration of your assets without needing a court-appointed conservator or guardian.

• Time and Money Savings: Trusts allow you to bypass the Probate process, thereby saving the Estate a lot of time and money on legal fees and administration costs.

Need to know more?

Interested in exploring how a Trust aligns with your estate planning objectives? Squiggle can provide some clarity and direction, helping you to tailor a plan that suits the unique circumstances of your loved ones.

Book a callback, and we'd be happy to arrange a no-cost, no-obligation discussion with you to lay out the options available.

Alternatively, call us on 01233 659 796.

Or reach out to us here.