Flexible Life Interest Trust Wills are a great way of ensuring that as well the share of the house you own, but also your capital, passes to your children, whilst not only allowing your partner to continue to live in your share of the house until they die, but also being able to use the income from any capital invested.
Again this type of trust is useful in care fees mitigation for those who are concerned about losing their wealth and house to funding their long term residential care.
Asset Protection Lifetime Trust
Instead of personally owning your assets, such as your house and your money, there are many advantages to transferring these into an Asset Protection Trust during your lifetime.
This type of trust can be useful for various reasons including bloodline planning, flexibility of inheritances, and reducing or eliminating costs in administering your estate so when you die your beneficiaries inherit more than they would have done under normal circumstances. It may also provide incidental protection against assets being used to fund long term residential care, but this cannot be guaranteed.
The trust also ensures your beneficiaries inherit immediately on your death rather than waiting for your estate to be administered, which can take many months and in some cases even years.