Trusts

Trusts are commonly used to:

• Help ensure that your children are not disinherited through remarriage after your death, and ensure they’re protected from subsequent divorce settlements too.

• Protect property and funds from the Local Authority should a surviving partner become infirm and require long-term care.

• Help your children benefit from funds without running the risk of the fund creating an additional Inheritance Tax burden.

• Protect money for a minor until they reach a specified age, perhaps allowing income in the meanwhile.

• Protect a beneficiary’s inheritance for a short period until bankruptcy has been discharged.

• Make provision for a disabled child who is unlikely to be able to manage their own financial affairs.

Probate

What is probate?

”Probate’ is a term commonly used to describe the process of administering a dead person’s estate and putting their affairs in order. Strictly speaking probate is the legal right to deal with someone’s estate. This includes the organisation of their money, assets and possessions and distributing them accordingly – After the payment of taxes and debts.

Only certain people can apply for probate and that will depend on wether or not there is a Will.