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Residency Trust
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One of our friendly team members institute of professional writers will chat with you about your personal circumstances and what you wish to include in your will.
Residency Trust all you need to know
Here at Trusted Will Writers, it is our aim to make it easy for citizens of all walks of life throughout the United Kingdom to choose the will that is right for them.
Whether it’s a residence trust, a mirror will, or any one of the various options that are out there, we make it easy to determine the estate planning option that is best for you and put it into place.
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The three main functions of a will:
- To point out your executors you need to identify a trusted and responsible friend to execute the whole financial process after you die.
- To allocate your estate You have to define how your estate will be shared amongst those you leave behind.
- To mitigate inheritance tax In case you pass away without a will, there are stringent laws regarding whom and how your estate is shared.
This has some disadvantages:
- The money may not be directed to where you want
- The money is likely to be inadequate for inheritance tax purposes.
- Account For Your Finances and lasting power Personally
- Although there are many reasons why you need to take action and plan a will, here are some of the most important:
- You avoid that individuals who you do not want to inherit any part of your property or estate do so.
- If there are no direct heirs apparent, you are able to make plans in order that all of your assets do not fall into the hands of the state.
- In the case that there are many heirs apparent, you are able to plan your will or trust in such a way that there is no room for ambiguity regarding what goes to whom, and under what conditions.
- This way, everyone involved is sparred what can amount to countless administrative and legal proceedings, as well as the heartache and conflict that often arises from these disputes.
- Non-resident trust is used to address cases where none of the trustees is a UK resident for council tax purposes.
- There are various types of trusts that address the right in property. They include:
- QPRT (Qualified Personal Residence Trust) A QPRT is an irrevocable trust that allows you to remove your house from your estate to reduce the amount of gift tax incurred when you are transferring your assets to a beneficiary. It allows you to continue staying on a property in any city in the UK for a certain time with “retained interest” (payout penalty) in the house.
- When the time the QPRT allows you to stay in the house is over, the remaining interest will be transferred to all the beneficiaries as a remainder interest.
- A QPRT can be helpful when the trust expires before the grantor dies in any city in the UK.
- If the grantor dies prior to the term, the property will be included in the estate, and it will be taxed.
- The risk lies in deciding the trust agreement length, coupled with the probability of the grantor dying before the date expires.
Not having a will is not
an option?
- Making a will can even ensure that those who inherit can make savings on inheritance tax while guaranteeing that your final wishes will be carried out.
- When it comes to getting a will, it makes sense to get a cost comparison to make sure that you are getting the best value for money.
- Trusted Will Writing compares the market, saving you time over visiting every website while making sure that you won't pay more than you have to.
- Trusted Will Writing are an institute of professional people that will show you all your options and assist clients to get a valid will that meets your needs at a price you can afford.
- You are able to determine which charitable organizations are to be the recipients of any funds derived from your estate.
- If you are not married but have had a lifelong partner, he or she may not receive anything after you die unless it is otherwise specified in your planned will
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