Setting Up Trusts

Setting Up Trusts

As you transition into elderhood, planning for the secure transfer of your assets becomes a critical consideration. One powerful tool in this process is the establishment of trusts. This page explores the purpose and benefits of setting up trusts and how they can play a vital role in preserving your financial legacy.

Understanding Trusts:

Revocable Living Trusts:

  • Revocable living trusts offer flexibility and control during your lifetime. They allow you to manage your assets and make changes as needed.
  • These trusts are valuable for avoiding probate, ensuring a smooth transition of assets to your beneficiaries, and maintaining privacy regarding your estate’s distribution.

Irrevocable Trusts:

  • Irrevocable trusts, once established, cannot be altered or revoked without the consent of the beneficiaries.
  • They can provide substantial tax benefits and asset protection. By removing assets from your estate, they may reduce the overall value subject to estate taxes.

Special Needs Trusts:

Special needs trusts are designed to provide for individuals with disabilities. These trusts can help ensure that beneficiaries with special needs receive financial support without jeopardising government assistance.

Setting up trusts requires careful planning and legal knowledge. Seeking advice from legal and financial professionals is crucial to ensure your trust aligns with your specific goals.

If you’re considering the establishment of trusts to preserve your financial legacy and ensure the secure transfer of your assets, our team of financial experts is here to help. We understand the unique financial needs of individuals in elderhood and can provide tailored solutions for your trust planning. Contact us today to begin securing your financial legacy and the future well-being of your loved ones.

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If you like what you have seen on our website, the next step is to get in touch, we offer a free initial discussion with no obligation. You can do this face to face, by phone, or on Skype.

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Apex CB Financial Planning Ltd, Poole

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