BLOODLINE PLANNING
Everybody wants to protect their assets for the benefit of their loved ones. People have an inherent need to provide for their children throughout their lives and want what is best for them. Many people will draft a Will hoping to make sure that the valuable things that they have worked hard to buy/own/receive during their lifetime, are passed on to their children and those chosen to receive something valuable) after their death.
However, a Will can only dispose of the assets that you own at the date of your death and if the value of these is worn-away during your lifetime, there will be little if anything left for your beneficiaries to inherit.
DURING YOUR LIFETIME
Lifetime Living Trusts are specifically designed to protect your assets for you during your lifetime. They give you the peace of mind that your estate can be passed on securely and complete and in one piece to your (husband / wife), your children and their bloodline, or other named, after your death. Once the Trust has been created, you can use it to 'ring-fence' a particular asset/s. Most people protect their home and their savings, leaving capital in their bank accounts for general living expenses. The income from savings are protected in the Trust and can be paid directly into your bank account to add to income from earnings / Pensions).
LOSS OF MENTAL CAPACITY
If you lose mental ability, the law states that you are no longer allowed to manage your own affairs. Anything held within the Trust will then be managed by your Trustees on your behalf. Your Trustees can effectively 'stand in your shoes' to make decisions on your behalf but these must be for your benefit.
They can add or remove valuable things or use the income from the Trust to help you and improve the quality of your life. Assets outside the Trust will fall under the control of the courts. We can help you set up a Lasting Power of Attorney which will enable the people you choose to manage the remaining assets that you own outside of the Trust.
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AFTER YOUR DEATH
the Trust continues to work to protect your Trust assets for your beneficiaries. The Trust can continue to hold the Trust, or pay them out to the specified Beneficiaries.
The Trust is very flexible after your death and can continue protecting your family for 125 years from the date it was created. That means that all of the benefits described in this document can not only protect you and your children but can also protect your grandchildren and great-grandchildren.