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Founded in 2016 with trust
Trusts
Benjamin Ackary offer 3 Trust Services:
Vulnerable Persons Trust
Childrens Trust
Protected Property Trust
Vulnerable Persons Trust
A Vulnerable Persons Trust is a legally binding instruction which can be implemented into your Last Will & Testament.
A Vulnerable Persons Trust is a vital addition to your Last Will & Testament if you are planning on leaving any proportion of your estate to a loved one who is disabled or has severe learning difficulties. The purpose of a Vulnerable Persons Trust is to appoint your executors /trustees to legally manage the provisions which have been left to the person.
Leaving your estate to your loved one who may be vulnerable can often have undesirable effects if the proportion of the estate which is left is not put into Trust. This commonly results in state assisted care and any benefit being stopped as receiving the estate will more often than not result in your loved ones exceeding the means testing threshold.
The Trust allows the proportion of the estate being gifted to the vulnerable person to be managed by the executor or trustee. As a result of this the Trust works as a ring fence around the inheritance meaning the assets being left in the Will would not be subject to means testing as it would not form part of the beneficiaries estate.
Childrens Trust
A Children’s Trust is a legally binding instruction which can be implemented into your Last Will & Testament.
A Children’s Trust is an essential addition to your last Will & Testament if you are planning on leaving any proportion of your estate to a minor. The purpose of a Children’s Trust is appoint your executors / trustees to legally manage the provisions which have been left to the child(ren). This allows the trustees to manage the assets until the child(ren)’s 25th birthdays, rather than the beneficiaries being allowed access to the proportion on their 18th birthday without any legal supervision.
• The trust allows your trustee to administer funds to the child(ren). This could include funds for University or a deposit on property, etc.
• This Trust also allows your trustees to supply funds for living expenses, education costs , etc.
• This Trust ensures that the child(ren)’s guardians will not have to use their own funds to pay for the upbringing and support of the child(ren).
Protected Property Trusts
In terms of protecting an asset such as a property, we may use something called a Protected Property Trust (PPT), sometimes known as a lifetime interest trust.
On your death, you leave your property or share of it into trust which is ultimately held for your chosen beneficiaries.
Whilst the trust is active it sets up a life interest for another party, perhaps your spouse or another owner of the property, to stay living there or to earn from the property’s income until the trust ends – which may be a certain amount of years or until your spouse or the other owner dies themselves.
The property can even be substituted, and what is ultimately being held for the children or chosen beneficiaries, can transfer onto the new property under the same terms of the trust.
This type of trust can protect your share of the property from potentially being used for your spouse’s or the other owner’s care costs as it has been reserved to go to your children or chosen beneficiaries.
With this in mind, you are also protecting the beneficiaries’ share if the remaining spouse or owner were to meet somebody new after you have died. It protects your share of the property against sideways disinheritance.
