Leaving assets to a single Trust is a better solution than leaving assets absolutely, but is it the best solution when there are multiple beneficiaries? Multiple Trusts provides both you and your beneficiaries with even more flexibility.
For example if all of your Trustees (who may also be beneficiaries) of a Trust cannot agree on a course of action, it may be that the funds cannot be utilised for the benefit of beneficiaries as a result, meaning the Trust can’t operate effectively.
Separate Trusts are also useful in solving those tricky ‘who gets what’ issues that can arise. Allowing different Trustees to act across a number of Trusts means that each Trust can be managed independently of others. Establishing separate Trusts for each beneficiary also means that individuals needs can be accounted for, as you are able to choose who, what and how you wish your beneficiaries to benefit.
Where the Trustees of a Trust are concerned with one family or member of the family as opposed to numerous individuals with different needs, the management of the Trust can also be simpler. A group of simple Trusts is much simpler to manage than a single Trust with many purposes, mixed assets, multiple beneficiaries and more potential for conflict amongst them.
For help and advice on creating Multiple Sibling Trusts within a Will please contact Ferndown Business Network member David Booth at DB Consultancy on 01425 480954 or email email@example.com
Do you have a plan in place to ensure that your wealth passes to the right people at the appropriate time in a manner that provides protection and is efficient for tax purposes?
Ferndown Business Network member DB Consultancy use Asset Protection Strategies for those who wish to protect themselves and their family’s future inheritance. They use a tried and tested combination of Wills, Trusts and Powers of Attorney to cover the most common threats to wealth made up from homes, savings, investments, life assurances, pension plans & death-in-service benefits.
Wills ensure the most effective legal ownership of your home whilst setting up Trusts means that your assets are protected from the threat of:
- The financial burden of long-term care
- Future insolvency problems
- Children getting divorced
- Surviving spouse entering a new relationship
- Inheritance and other taxes
- Avoiding the delays associated with probate
- Legislation changes
David Booth, Director of DB Consultancy said: “We work closely with our clients to create a plan that suits their specific requirements. We put them in control of their financial affairs and provide them with peace of mind. Our approach also ensures that the people you choose can manage your financial and welfare affairs should you become unable to do so due to mental or physical incapacity. This important aspect of planning gives the ones you trust control of important decisions, rather than a government agency.”
DB Consultancy provide a full range of services and bespoke advice in all areas of Estate Planning including Wills, protecting wealth using Trusts, Inheritance Tax Planning and Lasting Powers of Attorney. Based in Ringwood, Hampshire we benefit from 30 years of experience in Wills and Estate Planning. We also work in association with The Countrywide Tax & Trust Corporation Ltd.
For help and advice on how best to protect your assets please contact David Booth at DB Consultancy on 01425 480954 or email firstname.lastname@example.org