Trusts have many different forms and functions.
There are many types of trusts; however, there are two categories: living and testamentary.
Living Trust – Like a will, a living trust will require you to transfer property after death to loved ones. It is called a living trust because it is created while the property owner, or trustor, is alive. However, unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established.
Your property can pass immediately and directly to your named beneficiaries whenever needed.
Testamentary Trust is a trust in that you create instructions from your will. You name a trustee (person in charge) and conditions that beneficiaries inherit. A testamentary trust does not avoid probate as it would be created upon your will instructions.
With a testamentary trust, you can create wealth management from the grave by leaving more explicit instructions than in your will.
Benefits of Trust
- Managing assets.
- Protecting assets.
- Controlling distributions.
- Providing privacy.
- Avoiding compulsory succession.
- Multiplying tax exemptions.
- Saving taxes.
- Preserving disability benefits.
- Helping charity.
The clearer your instructions, the faster you pass your assets to your loved ones, and the less costly to your estate.
Your loved ones must pay bills associated with your estate before they inherit.
A living trust is a legal arrangement created during an individual’s lifetime that allows assets to avoid probate and be gifted immediately.
You cannot put all your assets in a trust, so you need a will for the assets you don’t hold in the trust.
Without a Will, the Court of Probate makes decisions on your behalf – the risk being your possessions will not be distributed as you would like.
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Power of Attorney
You choose who makes decisions, in keeping with your preferences, for the handling of your medical care, assets, and investments.
Special rules apply to the calculation of inheritance tax on the global assets of UK passport holders who live outside the UK.
We offer estate management solutions tailored to protect you and your assets from life’s uncertainties.
Among our services are the following:
Allowing you to maintain control over your assets and keep the highest net value
Helping you stay in charge of what happens to your possession when you die.
Ensure your beneficiaries are well taken care of, especially the most vulnerable.
Catering to the tax concerns of citizens who live abroad as well as those with international family ties or investments
Helping you secure your digital property in an increasingly digital world.
Providing advice and solutions for leader replacement in cases of retirement or death.
Ensuring someone is assigned to carry out your wishes in the event you cannot do so.