WILLS, TRUSTS & PROBATE
Why Choose Atkins Dellow as your Asset Protection Solicitors?
Regardless of the challenges, we look after your interests.
Clear-cut solutions to put your mind at ease.
No Legal Jargon
No jargon. We speak in plain English just like you.
We have a solicitor near you. Come to us or we’ll come to you.
Asset Protection FAQs
What is Asset Protection?
Asset protection is an umbrella term for the strategies and mechanisms which might be employed to manage one’s estate to ensure assets are preserved and pass in the most tax efficient manner to your intended beneficiaries.
What kinds of trust are used in Asset Protection?
Common types of trust to protect assets are “life interest trust” and “discretionary trust” and can be set up during lifetime or on death, though for lifetime setup, there are immediate tax implications to be aware of.
What can trusts protect against?
A trust can be a great measure a part of a comprehensive strategy to protect against:
- Spouse/civil partner remarries and e.g. jointly owned property (under joint tenancy) passes to their new partner/children;
- Spouse/civil partner becomes bankrupt, and their assets are soaked up by debts;
- Spouse/civil partner moves into a care home – care fees would be assessed from their total assets, including any inherited such that the money/those assets are not passed onto the beneficiaries;
- Limits unnecessary Inheritance Tax in certain circumstances;
- Reduces or avoids the Probate cost in administering assets upon death.
What is a Legacy in a Will A legacy is term used to describe a gift - that is, something which is specifically assigned to an individual and named as such in a Will. This could be a fixed sum of money or an item of personal property that you wish to see gifted to a...
On a basic level, estate planning involves reducing the value of your estate to mitigate Inheritance Tax (IHT) payable upon your death. One way of doing this is to make lifetime gifts to your children. If you give money or assets to your children these gifts are known...
After someone dies, it is possible for the beneficiaries of their estate to make changes to the distribution of the estate instead of following the terms of their Will or Rules of Intestacy (if there is no Will). This can be done using a Deed of Variation....