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Writing a will with a trust is used mainly by married or civil partner couples. Severance of tenancy from Joint Tenants to Tenants in common so that each partner as a 50% share. http://www.whatisawillreview.com Rather than leaving it to each other it is put into a trust. This comes into being when one first partner dies. Until recently the nil rate band will trust were a common way to save inheritance tax. A couple could split the estate into halve to keep below the tax threshold. However since 2007 this as been under review by the HMRC. This has reduced the need for some couples to set up this particular trust.

Couples are able to protect there assets if one was to go into long term care with a will trust. If you use a will trust and your partner dies, you will have the right to remain in your own home. However if you need to go into care you will only be assessed for your share of the home 50% by the local authority. This is due to only your share of the property and not the trust would be assessed.

This is protected from care fees and would not be subject to Government rules Charging for Residential Accommodation Guide known as C.R.A.G and will not be seen has 'deliberate deprivation' and will not be contested providing you did not know you were going into care.

Another reason for setting up a will with trust is to avoid sideways disinheritance. This is when the first partner dies leaving children from the first marriage who would assume inheritance in the future. However if the surviving partner remarries and fails to make provisions for the children in a new will. There is a risks that the new spouse could inherit the estate instead.

A Lifetime trusts also know as property protection trust or asset trust can be used straight away not like will trust. The home is gifted to the trust therefore allowing you to lived their and if at time at some time in the future you need care this can not be assess and you will be seen to have minimal needs. By placing property outside the estate this can also reduce probate costs. Providing the property is below the nil rate band £325,000. If you transfer and you are above £325,000 you could be liable to pay 20% tax and any gifts upto seven years can be assess. Trustees must submit forms to HMRC.

Discretionary Trust can also be a fixed interest where by the first beneficiary as the right to remain within the home and receive income from the trust. The trusts may have a numerous number of beneficiaries, therefore have discretion to award any beneficiaries. The discretionary trusts can have a letter of wishes assisting the trustees which could say who lives within the property.

Legal Services Brighton Ltd have a qualified team that have a law degree or working towards a LLB Degree. All staff have undergone rigorous checks to ensure that you are provided with a standard of excellence. All Staff have no criminal records ensuring quality staff within your home. Christine Blackledge as a Level 3 Wills and Succession and is a student studying Law at the University of Brighton. Christine Blackledge is a student member with Council for Licensed Conveyancer. Christine Blackledge is a member with The Law Society private client member non solicitor. Christine Blackledge is registered representative with the Will Writer's Federation.    • Видео