Estate Protection Trust

The Estate Protection Trust – A highly specialised Trust, which not only protects your home, but your savings as well, offering unmatched flexibility. This type of Trust is suitable for everyone, whether you’re single, married or divorced, a married couple, unmarried couple or in a civil partnership; this Trust will protect you and your loved ones.

An added benefit of these Trusts is that property or savings held within them may be disregarded for local authority means testing. This is a highly specialised area of law, and we are experts in setting up and running these particular types of Trusts. Indeed, we are often requested by other professionals such as financial advisers or accountants to draft such Trusts on their behalf.

We are specialists in protecting people’s assets – we can help you plan for your future to ensure that as much as possible goes to those you love.

All of the assets held within this type of Trust are held for your benefit whist you are alive. You can move, re-mortgage, downsize or release equity at any time. If you also place savings into the Trust, you still have access to those savings and can even add more (subject to tax and financial advice).

If you change your mind and want to bring the Trust to an end, you may do so. The Estate Protection Trust really is that versatile, and gives you the peace of mind that your assets held in the Trust can easily be accessed should you so require.

What do I get?

We consider this Trust to be the best protection available to you and your family. As such, we offer it as a package with other Trusts, Wills and Lasting Powers of Attorney. Do you already have a Will? We can review it for you free of charge to see if it is compatible; if so, we can discount your fees accordingly.

If it sounds too good to be true…

It is good and it really is true, many thousands of these Trusts have been created and used successfully. We are experts, and ensure all of our Trusts are prepared in the correct manner, utilising our decades of combined experience.

The benefits

Everybody has different needs, concerns and priorities. Here are some examples of how the Estate Protection Trust could benefit you:

Avoid probate

With clever planning and our expert advice, your loved ones left behind may be able to totally avoid the need for probate upon your death. This removes not only the expense involved, which can sometimes amount to many thousands of pounds, but also the long delays that can be incurred in going through the probate administration process. This allows estate administration to begin immediately when required.

No claims against the estate

Not all family situations are straightforward; unfortunately, we deal with many families where there are disputes over a deceased person’s estate. If you believe that you have a relative who may seek a share of your estate, even though you do not want them to receive any of your assets, this Trust can totally safeguard your estate from claims by undesired beneficiaries.

Preventing Challenges

Any person can try to challenge your estate after death, such as an estranged child, parent or other relative. However, any assets held within the Trust do not form part of your estate, and are therefore protected against any such action. This can save many thousands of pounds in legal fees and the delay associated with court cases, ensuring those you choose receive what you want them to, and those you didn’t specify to inherit do not do so.

Protection for future relationships

Are you entering into a new relationship following a divorce? Concerned that you don’t want to have to go through a messy,costly divorce again? Do you want to make sure that what you have goes to your children, or do you simply want to protect what you have worked hard for throughout your life?

You’re not alone- many people are reluctant to enter new relationships due to a fear of the financial consequences if the relationship fails. With the Estate Protection Trust, you can ensure any assets placed into the Trust before cohabitation are protected should your relationship sadly break down for any reason.

Protection from Bankruptcy

Another benefit of the Trust is that it protects assets within it from future unforeseen debts. This is of significant benefit if you are in business. Whilst it does not prevent you from being declared bankrupt, it can avoid the trust assets being used to satisfy outstanding debts. This protection also extends to anyone who may benefit from the Trust, preventing losses in the event that your children or grandchildren suffer financial difficulties in the future.

Protects children

The EPT is a great way to protect your children. If you want to delay the age of inheritance, your Trustees can decide (in accordance with your instructions) when your children receive their share of your estate. This may not only apply to young children, but also to older children, for example if they have personal issues or a shaky marriage. In this case, the Trustees may decide not to distribute until the time is right, such as after a divorce has been settled. This will avoid the heartbreaking scenario in which a portion of your estate is given to the ex-spouse of one of your children.

Many clients are on their second marriage, and want to ensure that their children inherit, whether these be children from the current relationship or from a previous one. Sadly, so many children do not benefit from their parents’ Wills simply due to bad planning or re-marriage. This Trust will protect your assets, giving you peace of mind that your children will receive them- no matter what may happen in the future.

Protection for vulnerable beneficiaries

If you have a close loved one who is disabled or unable to work, you may be concerned that if you leave assets to them they may lose that support from the state. If their inheritance is contained within the Trust, they are protected, and their inheritance will not affect their entitlement to benefits.

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Care Fees

Providing you create the trust at the right time and under the correct circumstances, assets held within it are protected against local authority means testing. This means your care, should you need any, must be paid for in full without a contribution from you. Any assets not placed into the Trust are not protected, and may be taken into account by local authorities.

Protection upon Incapacity

The Estate Protection Trust appoints Protectors to look after your affairs for the assets held within trust if you lose capability. This avoids the need for the Court of Protection to get involved, which is often costly and time consuming. We do also recommend a Lasting Power of Attorney for assets not placed within the Trust, such as current accounts.

Don’t leave things to chance… leave your estate to those you love!

 

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.

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