Flexible Life Interest Trusts Cumbria

A flexible life trust is an irrevocable trust designed to meet the grantor’s unique needs. It offers flexibility in asset disposal, beneficiaries, and investment management.

It enhances protection from creditors and adversaries, enabling asset allocation outside the grantor’s estate. The trust provides tax advantages, asset protection, and greater control over distribution.

What Is A Flexible Life Interest Trust Cumbria?

discretionary trusts

If you’re thinking of writing a will and unsure about the best option for your specific situation, we’re here to assist you.

Our team of professional and approachable will writers will collaborate with you in the convenience of your own home to create a will that your personal wishes after your passing.

discretionary trusts

In the following passage, we will outline the purpose and benefits of including a Flexible Life Interest Trust (FLIT) in your will.

By incorporating this trust, you can achieve peace of mind, particularly if you possess substantial investments, assets, or property.

flexible life

The purpose of the FLTI is to safeguard the value of these assets for the intended beneficiaries upon your passing.

Typically, this includes your spouse or partner, as well as your children, ensuring their financial security for the future.

Why is it flexible?

The unique and engaging aspect of this arrangement lies in the trustees’ ability, as mentioned in the will, to provide financial assistance to the surviving individual when necessary, using either the principal or the generated income. This ensures stability and security for all parties involved.

 

The primary intention of the trust, however, is to safeguard the spouse or partner left behind, ensuring their financial security throughout their lifetime. Regular payments, which are unaffected by changes in tax status, are extended to them as a gift.

In the event of the passing of the surviving partner or spouse, any remaining capital is automatically transferred to their children or other designated beneficiaries.

How The Flexible Life Interest Trust Cumbria Works?

As trustees, we have the authority to provide capital to support the surviving beneficiary whenever it is required. The best part is, if the survivor requires care home support, there’s no need to worry about repaying the loaned capital. Furthermore, our role as trustees allows us to allocate capital directly to named individuals, including children or beneficiaries specified in the will. Rest assured, we’re here to ensure the smooth distribution of assets and provide personalized support.

 

This allocation can even be carried out if the partner or spouse mentioned in the will is alive but residing in a care home.

Furthermore, if it proves financially advantageous for the survivor or beneficiaries, it is possible to convert part or all of the trust into another trust fund.

Rest assured, there are various trust options available to meet different needs.

So What Are Main Benefits Of The Flexible Life Interest Trust Cumbria?

Safeguard your family’s future by taking the crucial step of writing a will. At Trusted Will Writing Cumbria, our dedicated team is here to offer you personalized guidance and expert advice. By creating a will, you maintain full control over the destiny of your assets and decide who will inherit them. Secure peace of mind and ensure your loved ones are provided for with a legally binding will.

 

This includes financial assets and properties, as well as the ability to nominate someone who can benefit from investments made after your passing.

The primary benefit of having a will is the power it gives you to determine the distribution of your financial resources. Instead of leaving these decisions to the government, you retain authority over how your assets are handled.

Moreover, by having a will, you ensure the protection of your assets and provide financial security for your loved ones.

Without a will, the fate of your assets rests in the hands of external parties.

At Trusted Will Writing Cumbria, we offer a range of will writing services, including the opportunity to create a Flexible Life Interest Trust.

Contact us today to learn more and take control of your estate planning. Our skilled team is ready to assist you.

A will serves three main functions: 

Firstly, it allows you to appoint executors who will responsibly handle your financial matters after your passing. Choose a trusted friend or family member for this vital role.

Secondly, a will enables you to clearly define how your estate will be distributed among your loved ones, ensuring your wishes are carried out accordingly.

Finally, by having a will, you can mitigate inheritance tax concerns. Without a will, strict regulations dictate the division of your estate, potentially leading to unforeseen complications.

It’s important to acknowledge that there are some disadvantages to not having a will. Without one, your assets may not be allocated according to your desires.

Additionally, the amount of money left behind may not be sufficient to cover inheritance tax obligations.

Take the necessary steps today and secure your family’s financial future.

Don’t delay in making the crucial decision to write your will Cumbria.

Protect Your Family Today