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Trusts & Charities

Split Trusts

Family protection policies. These trusts are often used for family protection policies with critical illness or terminal illness benefits in addition to life cover. Split Trusts can be Bare Trusts, Discretionary Trusts or Flexible Trusts with default beneficiaries. When using this type of trust, the settlor/life assured carves out the right to receive any critical illness or terminal illness benefit…
Jen Paice
August 15, 2022
Trusts & Charities

Flexible Trusts with default beneficiaries

Default beneficiaries set up in the settlor’s lifetime. Flexible Trusts are similar to a fully Discretionary Trust, except that alongside a wide class of potential beneficiaries, there must be at least one named default beneficiary. Flexible Trusts with default beneficiaries set up in the settlor’s lifetime from 22 March 2006 onwards are treated in exactly the same way as Discretionary…
Jen Paice
August 8, 2022
Trusts & Charities

Bare Trust

Held for the benefit of a specified beneficiary. Bare Trusts are also known as ‘Absolute’ or ‘Fixed Interest Trusts’, and there can be subtle differences. The settlor – the person creating the trust – makes a gift into the trust, which is held for the benefit of a specified beneficiary. If the trust is for more than one beneficiary, each…
Jen Paice
August 4, 2022
Trusts & Charities

Extending the scope of the trust register

Deadline for non-taxable trust registrations announced. When you put assets in a trust, they are under the control of an appointed person or persons called ‘trustees’. The trustees then manage the trust according to your instructions, even after your death. New rules were introduced on 6 October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive…
Jen Paice
August 1, 2022
Family

Passing wealth to the next generation

Making a real difference to the financial position of the recipients. With careful planning it is possible to significantly reduce the need for your estate to pay Inheritance Tax. We spend a lifetime generating wealth and assets but not many of us ensure that it will be passed to the next generation – our children, grandchildren, nieces, nephews, and so…
Jen Paice
July 25, 2022
Business & Employment

Planning a career break

Modern day careers are far more fragmented than previous generations'. People move jobs more frequently and taking career breaks to pursue out of work interests are also becoming more commonplace. But what does this mean for your pension and long-term finances? Your final pension pot may end up lower as a result of a career break, but it is still…
Jen Paice
July 21, 2022
Estate & Tax

Leaving your legacy behind

Considerations when making a Will. Thinking about death isn't easy. Talking about it is even harder. The reality of our own mortality is a tough subject, but a discussion will ensure your assets are left to the right people. If you want to be sure your wishes are met after you die, then it’s important to have a Will. A…
Jen Paice
July 21, 2022
Estate & Tax

Making a Will

Distributing financial wealth or possessions in an orderly fashion. A valid Will is an incredibly important part of estate preservation planning and will ensure that should the worst happen, your assets, whether they be financial wealth or possessions, are distributed in an orderly fashion to the right beneficiaries. It’s important to make sure that after your death, your assets and…
Jen Paice
July 18, 2022

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