Property Trust
What is a Property Trust?
A Property Trust allows you to decide what happens to your property once you have passed away, including who will live there and who will inherit the proceeds from what could be your most valuable asset.
At LCS we believe Property Trusts are incredibly important.
They can:
1. Provide an ongoing home for somebody (e.g. partner or spouse) following your death. This is incredibly important to avoid leaving a loved one homeless after your death.
2. You may ensure that your specific Beneficiaries will inherit your share of the property. Naming those that you wish to inherit is important especially when there are second marriages and children from other relationships to consider.
3. To ensure your bloodline continuity. Your natural children could find that their share diminishes should your spouse/partner remarry in the future following your death.
Trust FAQs
What is the purpose of a trust?
How does a trust Work?
Who Creates a Trust?
What is a Trustee?
Trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Trusts can protect your assets, such as your home. They can help ensure that your assets are passed on in accordance with your wishes after you die.
A Trustee should be appointed to legally manage and administer the Trust in accordance with the wishes of the person creating the Trust.
A Trust can either be set up by you during your lifetime or by your Trustee after your death and in accordance with your Will.
Trustees are the ‘legal holders’ of any Trust property and they manage and distribute the Trust assets. There can be one or more Trustees.