Making sure YOUR beneficiaries receive what THEY are entitled to
Ensuring that you have an up to date Will is an absolute priority, with which Elevation Estate Planning can help. However, we’ll also explain how you can include an additional layer of protection using a Trust.
Trusts were once the preserve of the very wealthy, but are now available and accessible to all. They can be used to ensure your wealth goes to the right person and can also help avoid possible delays created by probate. Trusts also help with protecting a legacy in case of future remarriage, divorce or bankruptcy.
Case Study - Mr & Mrs Jones
Consider the following situation where a legacy is left to Mrs Jones with 2 children following the death of Mr Jones, with a total value of £800,000. Mrs Jones subsequently remarries but then dies, leaving everything to the new husband. Potentially the new husband could walk away with the whole £800,000 and the 2 children could be left with NOTHING!
Mr & Mrs Jones' Solution
With the benefit of a Family Trust Structure the legacy becomes protected against the social risks and potential disinheritance of the children. Whether it be through death or subsequent divorce of Mrs Jones, under this example the Family Trust would look to recall the legacy. This would help to ensure its bloodline protection, passing it on to support the children, which no doubt would have been Mr Jones’ dying wish.