Customer Care Charter.

Where a property is held jointly as Joint Tenants, it will pass outside of the deceased's estate and to the surviving tenant. By changing the joint ownership of the home to Tenants in Common the deceased's share of the property now passes into their estate to be included in their Will. The Will then directs that this share of the property is passed into a Protective Property Trust. This trust then ensures that the following will happen: A Life Interest in the share of property is given to the surviving spouse or partner The trust protects the assets from any third-party claim, which means;”. The ultimate beneficiaries are guaranteed to benefit and receive their share The ultimate beneficiaries are guaranteed to benefit and receive their share

Very simply a FLIT is similar to a Protective Property Trust but allows the life tenant access to the capital and not just income Married couples often make use of a FLIT where they have an Inheritance Tax liability but do not want to give away assets prior to first death. If the survivor’s estate is liable for IHT on their death, they could choose to gift assets, including those held by the trust, to reduce the value of the estate. Such gifts would be potentially exempt transfers and subject to the seven year rule.

Often used by those wishing to exercise more specific control of their estate This may be due to concerns over their chosen beneficiaries' personal circumstances If the survivor’s estate is liable for IHT on their death, they could choose to gift assets, including those held by the trust, to reduce the value of the estate. Possible divorce Possible bankruptcy Alcohol, drug or gambling addiction Ill health or incapacity Loss of necessary benefits Potential Inheritance Tax liability Just want to ‘control from the grave’

Protects the ongoing receipt of means tested benefits Trustees look after the interests of those who are incapable of managing own affairs Although there can be another beneficiary named in the trust, in order for the trust to qualify for beneficial Inheritance Tax treatment, all payments must be made to the disabled person, except for small allowable amounts. Any income received within the Trust benefits from a reduced rate of income tax, rather than the usual higher rate applied to trusts.

Essentially used to reduce a potential IHT liability Especially useful for unmarried couples Allows surviving partners to ‘borrow’ from the trust, interest free Can be used by widows who have acquired a transferrable Nil Rate Band The IOU debt can effectively benefit generations for the perpetuity period of 125 years

Allows someone to live in a property for a set period of time only This Trust must be limited to a Right to Occupy only, without any further rights Typically used for children still living at the parents' home or to allow a 'new' partner time to find alternative accommodation

The Trust is written to receive shares / qualifying assets of a business The beneficiary of the Trust can sell the assets within the Trust essentially 'preserving' the Business Property Relief This Will Trust should be considered where the Testator has any kind of business assets Should the business no longer qualify for BPR, or indeed has long since been sold or liquidated, then the Trust would simply never come into effect

Created during your lifetime with an immediate transfer of assets to the trustees You retain rights to enjoy the property in Trust for the rest of your lifetime Assets are then passed to your chosen beneficiaries via a Discretionary Trust. This gives maximum asset protection and flexibility to suit your beneficiaries' individual circumstances