What Is Lifetime Trust Planning?
Your Will is usually the foundation of your estate planning. It sets out what should happen after your death and helps make your wishes clear.
Lifetime trust planning looks at what can be considered during your lifetime, once that foundation is in place.
For some families, this may include gifting assets more protectively, reducing unnecessary inheritance tax exposure, or considering how key family assets, such as the main residence, should be protected for the future.
Planning Beyond Your Will
A Will deals with what happens after death. Lifetime trusts can help you consider what planning may be appropriate while you are still alive.
Lifetime trust planning may be worth discussing if you are thinking about:
Protecting family wealth for future generations
Gifting assets in a more controlled way
Reducing inheritance tax exposure where possible
Protecting beneficiaries from divorce, debt or financial vulnerability
Preserving key family assets
Keeping greater control over how gifted assets are used
Creating planning that works alongside your Will
Family Gift Trusts
A Family Gift Trust can allow assets to be gifted into a trust for the benefit of chosen beneficiaries, rather than passing directly to them outright.
This may be useful where you want to support children or future generations, but still want structure, control and protection around the gift.
It can also form part of wider inheritance tax planning, depending on your circumstances.
Property Protection and the Family Home
For some homeowners, lifetime trust planning may also involve considering whether a trust relating to the main residence is appropriate.
This type of planning is usually focused on protection, control and reducing complications after death, rather than simply saving inheritance tax.
The family home is often one of the most important assets people own, so it is worth understanding what options are available before making decisions.
Is Lifetime Trust Planning Right for Everyone?
No. Lifetime trusts are not suitable for every client.
The right advice depends on your age, health, family circumstances, property, assets, objectives and existing Will planning.
That is why lifetime trust planning should be discussed carefully and clearly before any decision is made.
Start With the Right Foundation
Before considering lifetime trusts, your Will should usually be reviewed first. Once your Will is properly structured, you can then consider whether additional lifetime planning would provide further protection.
Book a Free Consultation
If you would like to understand whether lifetime trust planning could be suitable for your circumstances, I can explain the options clearly and without pressure.
