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Trusts Minefield - Will Tst vs Family Protection Tst vs Family Investment Companies
Hello All
My wife and I are revamping our Wills and want to ensure that any monies we pass on are used for good purposes and go to the right people.
This is NOT to avoid IHT. What I don't want to do is create an over complex structure which is difficult to manage, difficult to understand and one that requires a PHD in Taxation rules to run or for that matter cost a fortune to maintain
I have researched various sites and read articles about the different vehicles (types of trust that can be used) and even been offered the creation of a Family investment Company as a possible solution.
The problem is you get an awful lot of contradicting /conflicting advise in that one person may recommend a simple Will Trust and the other extreme "no,no,no what you want sir is a Family Investment Company" and more recently a Family Protection Trust.
It seems a lot of advise is based on the expertise of the individual rather than organisations that have a full understanding of all instruments and selecting the right one for a given situation.
At present we have:
1. Mirrored Will Trusts in place including a separate Letter of Wishes (LOW)
2. We are about to complete our Lasting Power of Attorneys (LPoA)
One of my questions is are these other Trusts (Family Protection, Property Trust, that have become fashionable) simply Will Trusts with extra conditions added to cover different scenarios
Thank you - any opinions and feedback would be welcomed
My wife and I are revamping our Wills and want to ensure that any monies we pass on are used for good purposes and go to the right people.
This is NOT to avoid IHT. What I don't want to do is create an over complex structure which is difficult to manage, difficult to understand and one that requires a PHD in Taxation rules to run or for that matter cost a fortune to maintain
I have researched various sites and read articles about the different vehicles (types of trust that can be used) and even been offered the creation of a Family investment Company as a possible solution.
The problem is you get an awful lot of contradicting /conflicting advise in that one person may recommend a simple Will Trust and the other extreme "no,no,no what you want sir is a Family Investment Company" and more recently a Family Protection Trust.
It seems a lot of advise is based on the expertise of the individual rather than organisations that have a full understanding of all instruments and selecting the right one for a given situation.
At present we have:
1. Mirrored Will Trusts in place including a separate Letter of Wishes (LOW)
2. We are about to complete our Lasting Power of Attorneys (LPoA)
One of my questions is are these other Trusts (Family Protection, Property Trust, that have become fashionable) simply Will Trusts with extra conditions added to cover different scenarios
Thank you - any opinions and feedback would be welcomed
