In many cases, simply leaving all or part of your estate to your spouse, so that they are free to use it as they wish, is entirely appropriate. There are a number of situations, however, when that is not the case and an alternative approach is desirable. In such situations a family trust can provide a sensible solution.
Why set up a family trust?
A trust can make sure that your spouse is financially provided for, and it can protect your wealth for your children if your spouse has children from a previous marriage/relationship or if he or she remarries after your death.
A trust can also protect assets if your spouse should require care in a residential or nursing home; and can usefully help with making tax efficient gifts to your children.
We provide advice on all aspects of wills, trusts and estate planning.
For more information, help or advice on trusts please contact Keith Hately on 0191 211 7928 or email [email protected].