What is a Lifetime Trust? A Discretionary Lifetime Trust is a legal arrangement where Trustees are made responsible for property or assets on behalf on your beneficiaries. It is implemented during your lifetime and can protect assets for future generations and protect them from third party creditors, ensuring your loved ones receive the maximum benefit from your estate.
An example of such a Trust, which is designed for homeowners, involves the transfer of their home into a Lifetime Discretionary Trust. For most, ownership of their home does not always mean they are wealthy – at least not in the sense of having money to spend. Even with increasing property values homeownership usually revolves around practical issues such as having a place to live or an inheritance for children/grandchildren.
Under the terms of the Trust you can continue to live in the property for the rest of your life or until you decide that the residence is no longer required or appropriate. Despite the fact that the Trust will ‘own’ your home you still retain the benefits and flexibility of home ownership and should you wish to move in the future you are able to under the same terms. This trust is designed for our clients who wish to continue living in their home for the rest of their lives but are concerned about how their property, or its proceeds of sale, will be used on their death.
Individual circumstance vary a great deal and it is impossible to state categorically whether this, or any other method of Estate Planning, is best for you without carrying out a thorough review of your affairs.
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