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The Financial Conduct Authority does not regulate wills and trusts.
A Will Trust is created in a Will to provide better protection and control of how the asset is held, managed, and benefited.
One example of how a Will Trust can work is where the title of the family home is held as tenants in common, so each co-owner has a specific share.
In this case, the testator can leave their share of the property to beneficiaries who otherwise might not inherit such as children from previous relationship, while providing the co-owner life interest in their half share
Lifetime Family Trust is often known as Asset Protection Trust. Unlike a Will Trust, this is established straight away. As this involves transferring your family home into a Trust while you continue to live in it, it offers valuable benefits from ensuring that your home will pass to those individuals you wish to benefit at a time selected by you Control passes to the trustees immediately. As above, the deliberate deprivation of asset rules should be carefully considered where this is the case.
Trusts can be complicated structures with tax implications, and you should always seek legal advice before setting one up.
The Financial Conduct Authority does not regulate Wills, LPA’s, Trusts and all services deemed to fall under the Estate Planning and Estate Administration services.
