Welcome to Kat's Wills and Estate Planning, where securing your future is my top priority.
With expertise and dedication, I'm here to guide you through the process of creating a lifetime trust tailored to your personal circumstances and needs that safeguards your legacy for future generations.
Let me help you determine if a lifetime trust is the right choice for you. With my guidance, you can explore the benefits and considerations of establishing a trust that lasts throughout your lifetime. We're here to provide the information you need to make an informed decision that aligns with your financial goals. Reach out today to start your journey toward securing your legacy.
What is a lifetime trust?
A lifetime trust is a powerful estate planning tool designed to manage and your assets during your lifetime and beyond. It you to specify how your assets will be used and distributed while ensuring that they are safeguarded for your beneficiaries. By establishing a lifetime trust, you can provide financial security for loved ones, maintain control over your assets, and potentially reduce tax liabilities. Understanding the nuances of lifetime trusts can help you make informed decisions for your financial future.
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​A lifetime trust is not suitable for everyone. It's important to consider your individual financial situation, family dynamics, and long-term needs before making this decision. While a lifetime trust can provide benefits as asset protection and control over distributions, it may also come with complexities and costs that not everyone is prepared to handle. Consulting a professional estate planner can help you determine if a lifetime trust aligns with your wishes and goals.
Benefits of a Lifetime Trust
A lifetime trust can provide you with peace of mind and financial security yourself and your loved ones. It helps manage your assets during your lifetime and ensures a smooth transition of wealth after your passing. By establishing a lifetime trust, you can protect your assets potential creditors, minimize estate taxes, and maintain control over how your wealth is distributed. Ultimately, it's a proactive step towards safeguarding your legacy and ensuring your wishes are honored.
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However, lifetime trusts are very complex instruments that should only be considered following expert specialised advice. Lifetime trust involves various legal and tax implications, making it essential to consult professionals who can guide you through the process. Our expertise can ensure that the trust is tailored to meet your specific needs and goals effectively. Proper guidance can help navigate the complexities and maximize the benefits of a lifetime trust.​
Types of trusts
There are many different trusts that can be written but the main ones used in estate planning are summarised below.
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Standard WillsA Standard Will is a straightforward will that does not include any type of trust being set up for any of the beneficiaries apart from if any of the beneficiaries are minors when the person who the will belongs to dies.
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Trust WillsA Trust Will is a will that has a specific trust included in it. The main ones that will often be set up in a will include:​ A Discretionary Trust A Vulnerable Persons Trust A Life Interest Trust
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Individual / Mirrored WillsIndividual wills will usually be used when a single person writes a will expressing their own individual wishes, but it may also be used for couples when they have significantly different wishes about how the estate is divided when they die. Mirrored wills will usually be used when a couple want to write a will and their wishes for how the estate is divided are mirrored or very similar. For example, if a couple decide that their estate should initially be passed onto the surviving member of the couple then in the event the second person dies they both want it to pass onto the same people such as children or grandchildren etc.
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Standard WillsA Standard Will is a straightforward will that does not include any type of trust being set up for any of the beneficiaries apart from if any of the beneficiaries are minors when the person who the will belongs to dies.
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Trust WillsA Trust Will is a will that has a specific trust included in it. The main ones that will often be set up in a will include:​ A Discretionary Trust A Vulnerable Persons Trust A Life Interest Trust
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Individual / Mirrored WillsIndividual wills will usually be used when a single person writes a will expressing their own individual wishes, but it may also be used for couples when they have significantly different wishes about how the estate is divided when they die. Mirrored wills will usually be used when a couple want to write a will and their wishes for how the estate is divided are mirrored or very similar. For example, if a couple decide that their estate should initially be passed onto the surviving member of the couple then in the event the second person dies they both want it to pass onto the same people such as children or grandchildren etc.
Why do I need a Trust?
A lifetime trust is an incredible way to gain peace of mind while securing your financial future! It ensures your assets are managed just the way you want, not only during lifetime but also for your loved ones after you're gone. Plus, it protects your assets from creditors and can help reduce estate taxes! With a lifetime trust, you have the power to control how and when your beneficiaries receive their inheritance, promoting financial habits. It's an amazing tool for effective estate and leaving a lasting legacy!
At Kat's Wills and Estate Planning, I offer the versatility to meet clients both locally in Newcastle and remotely via video calls anywhere in the UK.
Whether you prefer in-person consultations or the convenience of virtual meetings, I'm here to provide expert will writing and estate planning services tailored to your needs, regardless of your location. Standard wills start at £150 and joint wills from £200, so get in touch to book your appointment today, and let's start planning your future together.
Client Stories
How I've Earned Their Trust
I choose Kat's Wills because it mentioned special needs - I needed something put into place for my son and did not know where to start... Kat's Wills explained my options and thoroughly went through everything... a lovely lady who put me at ease straight away. Would recommend to everybody.
GILLIAN H.
Very professional and experienced, affordable will writer. I am delighted with mine, thank you.