Preparing for tomorrow is about protecting today. Flexible Life Hatfield Policy Summary The Flexible Life Hatfield Trust is designed to provide a simple yet effective way to ensure that your child or loved one will receive an immediate cash sum or income, in the event of your death.
A FLIT is a type of legal mechanism, which you can include in your will to ensure that your loved ones are provided for long after you’re gone.
It allows you to provide your spouse or partner with income for life and preserve the capital for your children or others you care about.
A Flexible Life Interest Trusts Hatfield is appropriate for anyone who wants to look after their surviving spouse but ensure an inheritance for the next generation.
It is particularly useful for blended families or when there’s a concern to continue control of assets.
Your spouse or partner is paid a regular income from your estate, making sure they are financially supported.
It is a lifetime portable/live structure that may be tailored to lifestyle benefits for living expenses, medical expenses or personal cash dids.
More than a Legal Device A Flexible Life Trust is not just a legal instrument-it serves as protector of your loved ones. It means security, control and enduring protection from the expense to caring for you to planning your legacy.
Yes, trustees can advance capital to children or others if it is appropriate in the circumstances. You can also make partial distributions from a Flexible Life Trust even before the surviving spouse dies to address family need as such a need emerges.
The flexible life interest trust is beneficial because of what they can be given in powers for the trustees. They also have the ability to change or adjust and jostle around with the trust as it helps the family, or as it aligns better with current financial scenarios.
Should the surviving partner move to a care home then the money in a Flexible Life Trust is usually preserved from being taken for payment of care fees. This will help prevent you from cutting into the inheritance for your children any more than what’s necessary.
No, the Flexible Life Trust can also accept many different types of assets, including property, business interests and shares or other investments. This will be appropriate for people who have varied assets in their estate who want to retain control over the future use and direction of their estate.
Your appointed trustees step in when your will becomes operative. Their role is one of careful stewardship of the Flexible Life Hatfield Trust, and to make income or capital payments in accordance with your will and indeed according to the needs of your beneficiaries. Can This Trust Be Used For Inheritance Tax Planning?
Yes - if you have an appropriate FLIT it will affect the level of IHT that will be paid. Since the assets do not flow automatically into the surviving spouse’s estate they would fall outside tax bar on second death when they pass to next generation. What Are the Risks If I Don’t Create a Trust?
Without a trust, it is possible that the wrong people will inherit your assets. When you do not have a Flexible Life structure, there may be tax issues, conflicts or lack of control over how your estate is utilized.
The most opportune moment to act is before things close all of a sudden. Putting in place a Flexible Life Hatfield Interest Trust beforehand can go some way to safeguarding their interests and ensuring your wishes are carried out.
Whether you’re a growing family, a new family or established with valuable gifts you want to make sure are protected, already you have plans for your future.