Our Specialist Probate Trust is designed to Protect Your Assets & Put you in Control
Specialist Probate Trust
Key Features & Benefits:
Your beneficiaries do not need to obtain probate for any assets held in Trust
Saves your beneficiaries thousands of pounds in unnecessary costs, delay and hassle free.
The owner, known as the ‘settlor’ of the Trust, always maintains control of the Trust.
The Trust is only inherited by the beneficiaries once ALL the owners (settlors) of the Trust have passed away.
Minors (children) inherit at the right time.
The assets held in Trust are protected for your beneficiaries against bankruptcy, divorce or other unforeseen circumstances.
Avoids sideways disinheritance, situations caused by second marriages (Wills are automatically cancelled in the event of a second marriage.)
There is still the flexibility to sell your home or move home, as you choose.
The residence nil rate band (also known as RNRB) is preserved, even if you downsize.
There are inheritance tax benefits – Assets held in the discretionary fund leave your estate for inheritance tax after seven years.
There are no ongoing costs or charges for this Trust – On the passing of the ‘settlors’ (owners of the Trust) there are no additional costs in regarding to the selling of property.
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Inheritance Tax Example:
Roger has an estate (property and money) worth £640,000
He has a nil-rate band (NRB) of £325,000 (for inheritance tax) . He also has a residence nil-rate band (RNRB) of £175,000 (new residence band), as based on the thresholds for 2020/2021 (equal to £500,000 per person)
Inheritance tax is 40% of anything above the NRB & RNRB amounts. The amount
payable to HMRC is therefore:
£640,000 less (£325,000 NRB) less (£175,000 RNRB) = £140,000
Inheritance tax is 40% of £140,000 = £56,000
Had Roger established a Specialist Probate Trust (at least seven years prior to his death), then the amount payable to HMRC would in fact be £0.
Probate is needed to transfer property into beneficiaries names (upon death).
All figures provided in the example below are for indicative purposes only – typical fees range between 1-5% of the value of the estate, plus VAT.
Probate Costs Example:
Anne has a property worth £360,000
If Anne has a house valued at £360,000, the probate fee would be from between £7,200 and £14,400.
However, if Anne had placed her property in a Specialist Probate Trust, not only would her beneficiaries have received the property immediately after death, there would also have been no cost.