Trusts are not just for the wealthy. They have been used by ordinary families for many years to provide for minor children or disabled family members.
They are also used to protect assets against the potential divorce, death or bankruptcy of beneficiaries.
Will Trusts are used in the same way and can preserve assets where care fees may be an issue.
If you choose to give somebody a right to live in your property after your death you are creating a trust, with responsibilities for your Trustees.
If you’re not sure what a trust is, think of it as a gift with strings attached.
The gift is given to the Trustee or Trustees, but it is not theirs to do with as they wish. They are custodians of the property which has been gifted. It is their job to manage the property for the benefit of the people chosen by the person who has made the gift.
There are a number of different types of trusts which are used regularly in Wills. They have different tax implications and more information about tax can be found here.
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