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Family Protection Trust

Through hard work and diligence many people have levels of wealth that they could not possibly have imagined when they bought their first home for what now seems to be an ridiculously small price. However whilst it is wonderful to reflect upon a job well done, and feel proud of the inheritance that you are leaving for your family, unless appropriate steps are taken, much or all of this value can be lost in any number of ways. Our life's work is diminished, and our loved ones receive a fraction and often nothing at all of what we had originally imagined. It is because of this reality that we are often posed this question:

"How do we protect each other but not leave our assets vulnerable to the demands of long term care or other common threats?"

Trusts have long been used by the upper classes in this country to shelter assets and ensure that wealth stays within families. However as ordinary families have become richer, so they have become more relevant for ordinary households. Hence more and more people use what is commonly known as a Family Protection Trust:

Created during our lifetime an FPT is a very impressive vehicle for allowing us to protect our estate whilst retaining control. Assets are placed in a trust under terms and conditions defined beforehand. Typically these are designed to protect our welfare and that of our spouse or partner, so nothing changes in terms of our day to day life. We continue to live in our house and spend our money as normal.

However there are real benefits to owning assets in this way:

Probate fees can be vastly reduced or even negated altogether.

Assets can be protected against long term care fees or other forms of means testing.

If any potential beneficiaries have marital or financial problems., their inheritance can be delayed or even diverted to other beneficiaries.

The type of trust is can offers both flexibility and control and often proves to be the cornerstone of any estate planning exercise. For help and advice in this area please contact our office to speak to one of our specialists.