David advised very well – explaining the detail of the documents in lay man’s terms ensuring we fully understood the steps involved. We would recommend David without hesitation to other family and friends for the high-quality service provided to us.
A trust is a legal arrangement under which persons (known as trustees) including you hold property on specific terms for the benefit of others (known as beneficiaries).
Trusts may be established for a variety of reasons. Often, they will be established primarily for estate planning or other personal tax planning reasons, but the flexibility they offer allows them to be used for providing solutions to other issues.
Unlike a will, a Trust doesn’t have to die with you. Assets can remain in your Trust, managed by the trustee you selected until beneficiaries reach the age you want them to inherit. Your trust can continue longer to provide for a loved one with special needs or to protect the assets from beneficiaries’ creditors, spouses, and irresponsible spending.
A trust is more expensive initially than a Will, but considering it can avoid expensive Legal costs and extensive delay in settling your estate many people consider it to be a wise investment.
Hello, I’m David Jack, Managing Director of Castlebank Financial Planning.
My experience in family protection trusts has been proven for over 25 years experience providing expert advice to individuals and family members throughout Scotland. I have seen the devastating financial and emotional consequences of unwanted legal claims, increased probate costs and property being sold for aggressive 3rd party costs.
I provide face to face, online services, and free home visits if preferred to provide initial advice and guidance on what type of Trust is right for your situation.
It all starts with a conversation simply click here contact me to find out more.
David Jack
Managing Director DipFA,MLIBF, MSWW
Avoid passing on and inheritance tax liability to your children
void the costs and delays of Executory/Probate process at death.
Ensure your loved ones inherit at the right time
Avoid unwanted Legal claims on your estate
Make sure your children are not dis-inherited if your partner remarries following your death
Establishing a Trust can mean avoiding probate can mean substantial savings in time, legal fees and paper work
What type of assets can be placed in a family protection trust?
Commonly clients place their house and savings within a Trust. As you are entitles to all the income, most assets other than NISAs, can go in.
Do I need a solicitor as a Trustee?
You don’t, however we would suggest it to ensure you keep control.
What about ongoing fees?
There aren’t any, With our scheme you pay the costs at the beginning and you have nothing else to pay other than tax returns which are rare.
When is the the best time to set up a Family Protection Trust?
If you don’t want your family to pay large fees when you die, you need a Trust. And the sooner you do it, the more likely it is to work.
Can I move house?
Yes. provided the majority of the Trustees agree, you just move house in the usual way, except that the Trust deeds are signed by the Trustees rather then you alone but that makes no difference, the costs are the same.
Following a meeting with David Jack my mother set up a Family Protection Trust into which she placed her home. My mother had always wanted to make it easy for us to inherit and using a trust seemed to make sense. My mothers’ health deteriorated a couple of years later and she eventually had to go into a care home and after just over 3 years she died. The house was then sold by the trust and the funds from the sale were paid out to the family without the need for an executry exactly as my mother had requested in her Will saving us time and money. An unexpected outcome was that the local authority did not try to recover the costs of my mothers’ care from her trust therefore allowing the family to inherit her estate as she had wished.
Taxation is subject to individual circumstances as well as tax law and HMRC practice which can change
