Fergusson Law

What is a Trust? Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance taxes. Why should you set up a Trust? Setting up a trust can help to protect your assets and save tax at the same time. For example, you might want to give your grandchild a lump sum, but not want her to spend it on the wrong things. By putting the money in trust, you can be sure that your grandchild will benefit from the money. Your appointed Trustees will manage the funds so that they are spent in line with your wishes. You could also benefit from a tax saving. How do you set up a Trust? A private client solicitor can set up and administer a trust. They will provide expert legal advice on what needs to be done to protect your assets and reduce inheritance tax. If you die within 7 years of establishing a tru...

WHAT IS A BLOODLINE WILL? Many of you will have heard about or seen TV advertisements for, so-called Bloodline Wills. Solicitors write Bloodline Wills for their clients with the aim of keeping their estate in the family. The theme is that you want your estate to go to your immediate family whom you know, with no risk of it being diverted to your daughter’s ex-boyfriends, people whom your children owe money to, or future step-parents, and so on. Your grandchildren could be specifically named in your Will but end up with nothing at all. It is even possible that your wishes could be bypassed if you own a buy-to-let property as well as a family home. There is nothing new about making your directions clear in your Will except that modern cohabiting relationships can create unexpected legal consequences. You might think your existing Will provides protection for your family assets but it is likely that your grandchildren will only inherit if their mother or father dies before them...