Lifetime Trusts
Lifetime Trusts
Putting assets in Trust during your lifetime is the ultimate way of protecting them.
Living Trusts are more expensive than Will Trusts but they have additional advantages. Will Trusts only become effective when a death occurs. Living Trusts are up and running while you’re still alive. This means all the benefits of Trusts can help you (the settlor) while you’re still alive.
About Lifetime Trusts:
Your Choice of Trustees
When you set up a Trust, you are free to appoint whoever you like as trustees. People often choose close family members and friends. You can also be a trustee of your own Trust. To make doubly certain that your wishes will be followed, you can appoint a professional trustee such as a solicitor. And while you are still alive, you have complete freedom to add or remove trustees.
Assets
People most often put property into a Lifetime Trust, but you can include pretty much anything you own, from investments to cars, boats, and even paintings. You can add more than one asset type – the most crucial aspect is the overall asset value.
Family Asset Protection Trust (FAPT)
This Trust could be suitable if your house is worth less than £325,000 or if you own a house jointly and it’s worth under £650,000. If the value is about this figure, you would have to pay an immediate inheritance tax charge.
Family Asset Protection Trust Plus (FAPT+)
Our most popular Trust avoids the 20% Trust entry charge, even if your house is worth over £325,000 (£650,000 for a couple). For large estates, the FAPT+ has a very valuable feature – the ability to claim an inheritance tax relief.
We're Here to Help
At MapleWills, we understand the importance of Wills and estate planning. Our experienced and compassionate team is here to guide you through process, ensuring you have a legally sound Will that captures all your requirements .
We’re dedicated to making sure your legacy is preserved as you envision
Don’t wait to protect your family’s future. Contact us today.
