Nobody likes to think about anything related to death, much less their own. That goes without saying. Nonetheless, death is a stark and unavoidable reality of life, and you need to plan for the inevitable, just like everyone else.
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.
Although there are many reasons why you need to take action and plan a will, here are some of the most important:
Writing a will is crucial as it’s used to address what will happen when you pass away. Whether it’s a mirror will or a residence trust, Trusted Will Writers is the most reliable company that you should work with when you want to address who has the right to your asset. The company has years of expierence in making it easy for people to determine the best estate planning option for them and implement it. A will also offer an opportunity of introducing additional clauses like trust funds to protect assets such as an art gallery from taxes by allocating them to a limited number of family members.
It doesn’t matter how old you are. If you are the title holder of a home, property, car, artwork, or any other valuable tangible or intangible assets, it behoves you to make sure that you are a “testator” (that’s the term used for someone who has a will).
This way you have peace of mind knowing that should the unexpected and tragic occur, what you leave behind is handled and distributed exactly as you had wished for in life.
In the United Kingdom, when someone dies without having had a trust or having prepared a will their property is distributed according to what is known as the ‘law of intestacy’.
This is quite a complex law -even more so when an individual has complex familial relationships- and there is no guarantee that the individuals and/or organisations you want to receive your possessions may do so. With Trusted Will Writers, we take the guesswork out of the estate planning process. Your loved ones will know that you took them into consideration after you are gone.
Different types of Trusts
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.
Non-resident trust is used to address cases where none of the trustees is a UK resident for council tax purposes. It can also apply where only some trustees are UK residents and the settler of this trust was not a resident or was domiciled in the United Kingdom at the time the funds were added or the trust was put into place.