Lifetime Trusts

Not everyone wants to wait until they die to pass on their assets to a loved one. Lifetime trusts allow you to set aside assets at anytime during your lifetime.

What is a lifetime trust?

Unlike trusts in wills, which take effect only after your death, a lifetime trust allows you to transfer the ownership of some or all of your assets to a trust while you are still alive. Those assets become the property of a lifetime trust which must be managed and looked after.

Safe, secure and tax-efficient

Lifetime trusts are a very effective way of setting aside some or all of your assets for a disabled or vulnerable person’s future care. These trusts can also be very tax-efficient and give you peace of mind that you can help your loved one in the way that best suits their needs. 

A lifetime trust is often used to protect assets and the main features of such a trust would be:

• The trust can be created by you or both you and your spouse.
• You retain possession of the asset or house at all times.
• The beneficiaries of the trust are often yourself and your children.
• The trust lasts during your life or joint lives.
• You retain possession irrespective of your circumstances.
• There are usually two trustees.
• The house or assets are transferred to the trustees’ subject to the terms of the trust.

If you wish you can play a direct role as a trustee, safe in the knowledge that our experienced professionals are by your side to give all the support and legal insight that you need.

Friendly, expert help whenever you need it

As you would expect, deciding on the right kind of trust for your particular situation, understanding the implications for a beneficiary’s tax and benefits and protecting the trust from the undue costs of community care and other services all makes for a detailed and demanding legal task. However, Fortress Law’s experts are perfectly placed to give you the best possible lifetime trust advice and solutions.

What’s more, our care and concern does not end once the trust is established. We are happy to provide any ongoing support and services that you need to make sure you and your beneficiaries get the best possible outcomes for as long as you wish.

Is a lifetime trust right for you? Call us today on 01803 896820 and let’s talk it through.