The last thing anyone wants is for their property to be in danger of not being protected from creditors. Therefore property protection trusts in Truro and other towns and cities are not only recommended but essential.
This is also one of those issues that more and more clients approach legal firms such as solicitors and qualified paralegals about. Trusts are created for various reasons; most often for protection from creditors and the wrong beneficiaries.
Things can change very quickly in anyone’s life. The one day everything is fine, you have a job, great income and fantastic health. This can change in an instant. Therefore all of us need to know that we have to take precautions to safeguard us from those bad times when we may be in a precarious position and thus we arrange for property protection trusts in Truro and elsewhere.
Of course it goes beyond a sudden change of fortune in terms of jobs and general circumstances. We may also become ill, or a situation causes us to no longer be able to function: we need to know that our property is safe and untouchable, that we will still have a place to live – also a place for our dependents such as spouses, partners and children – and our beneficiaries. Trusts are set up for these reasons: to ensure that whatever is held in the trust enjoys protection under certain circumstances.
This is done whereby an owner gets assistance to create a property protection trust in Truro to make sure the property remains protected from claims. This can be one’s residence, additional property or any investment property, for example. The owner or settlor transfers title of his/her property to a trustee or group of trustees to take charge of the assets of that trust, for instance immovable property such as one’s home.
In case of financial hardship, for instance, the property remains safe and can’t be claimed or attached. If, for example, a property is co-owned, you can arrange for your half or share to be placed in a trust that will protect it – and your interest.
The property protection trust in Truro may also be created to ensure that your will is carried out all times. You can specify who will inherit your share of the property and you control who your beneficiaries are. This is to avoid issues that may cause problems where, for example, a spouse remarries after their spouse’s death. The next spouse will then not have any claim to your share; your beneficiaries, as was intended, will inherit that share.
Of course no-one is unfair; therefore you arrange that your partner or spouse remains in the property after your death, if that is the wish of both parties. The property protection trust in Truro provides for these and other eventualities. Of course it depends on how this trust is drawn up.
Knowledgeable, experienced solicitors and other legal brains work with these issues all day long and they are the ones to talk to for the best advice, and they are indeed able to draw up these trusts and agreements. Make sure you approach someone that is trusted and offers experience and the necessary expertise in this regard.
The important thing is that this kind of arrangement ensures that you are able to provide for your beneficiaries as per your wishes and will. New partners’ wishes will not supersede yours since the property protection trust in Truro protects your wishes.
You can be as specific as you wish in terms of the document you have drawn up as long as it stays within all legal boundaries, parameters and requirements. A trusted legal firm will assist you with advice and the drawing up of the trust to ensure it is legally binding on all.
At West Country Estate Planning we offer specialist estate planning services and assistance. Our services are aimed at helping clients plan their estate to ensure that all their affairs are in order. We are experienced in terms of all issues relating to the drawing up of wills, funeral plans, property protection trusts, any processes that help the individual or other entity be prepared for all eventualities related to the planning and protection of their estate. Our years of expertise have made us the number 1 choice for clients throughout Cornwall, Devon and surrounds. Our personnel are well placed to assist all clients.