Trusts

Making a Will is not the only way to secure your future; Trusts are a great way to keep your assets safe, retaining security for you and those you love for the rest of your life.

Trusts are, simply put, safety deposit boxes for your assets.

“How do Trusts work?”

Trusts are established in your name and for your benefit whilst you are alive. Your assets are placed into this Trust. When the Trust ends, your trustees will pass the assets on to your beneficiaries for you.

“Why should I bother?”

A Trust allows trustees to pass on your assets without complicated processes. It may also negate the need for lengthy Probate proceedings- this could save your estate several thousands of pounds.

“Can’t I just give my assets to family members to keep them safe?”

Here at Accord, we’d never recommend an outright gift to anybody- not even family members. No matter how close you may be to family members now, circumstances can change; what if you gave your house to your child to keep it safe, only for your child to get divorced in the future? Gifting assets is irreversible; now, your former son or daughter in law has a claim to your home. It can also cause tax problems for your children, as a second home can be considered a taxable asset.

Placing assets into Trust now may also avoid your estate being eroded by around £26,000 – £50,000 a year (the average cost of residential care in England and Wales).

Doing nothing will mean additional work for your family, and the loss of further assets before your death if you need long term residential care. The cost of a Trust is usually less than one month’s fees in a care home, and much less than the cost of probate through your bank or solicitor.

What is a Lifetime Trust?

Lifetime Trusts are created whilst you are alive rather than within your Will and can be much more beneficial as a result. They can protect your assets whilst they are still in use by you; speak to one of our consultants for a full explanation.

Why choose Accord?

Trusts are complex legal arrangements, and you should ensure that your legal provider is a specialist in this area of law.

Accord Legal Services have vast experience in this area of law. Our legal advisers deal with each client individually, and each Trust is tailor made to your own unique circumstances. As well as creating the Trusts, we can also assist in managing and running them, as well as acting as professional trustees. This provides peace of mind that the obligations of acting as a trustee will be met, for example, the responsibilities of  filing annual reviews and completing tax returns.

We can help ensure that your assets pass to your loved ones whilst giving you peace of mind that you are also protected.

Do these Trusts really work?

The simple answer is yes they do, if they are created by experts at the right time and in the right manner. Many thousands of these Trusts have been created and have been proven to succeed. Most go through without any difficulty, the rest are usually successful following minor investigations by local authorities. If made at the right time, there’s really no reason why your Trust wouldn’t be accepted. We will always ensure you receive clear, honest advice, and we will never create  a Trust that has no chance of success.

It is worth noting that making Trusts in later life, just before you go into care, can result in your Trust not being accepted. See our FAQ for more information.

Trusts may seem difficult to understand, but with our help and some careful planning, your assets will be protected.

If a Trust sounds like the right option for you, contact us today.

Need Help? Find a consultant near you

We have consultants all over the country, available to meet you at a time that suits you – even in the comfort of your own home. Click here to find your nearest Accord consultant.

Lasting Power of Attorney

A Lasting Power of Attorney is just as important as Having a Will. What would happen if you could not look after your money every day or make your own decisions? What if, in the future, you had an accident or became seriously ill and were unable to look after your affairs; who could look after them for you?

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