A Trust Fund can run for up to 125 years, but can be closed down or changed by the Trustees at any time. Most assets can be placed into trust, your home, savings, investments etc.
There are Trusts set up during your lifetime, which you remain a beneficiary to, such as a Property Trusts. A Property Trust offers protection against Local Authorities enforcing the sale of your home to pay for your Care Fees (although there are no guarantees, this type of Trust is better set up sooner rather than later). The best advice here is to consider a Property Trust when you start out in life, buying your home directly into the Trust, however if you are considering this in your 50’s and over it is not too late, although if you are in poor health and were to end up in care soon after setting up the Trust it could be challenged by the Local Authority as Deliberate Deprivation of Assets.
Gift Trusts can also be set up during your lifetime, where you want to gift money to beneficiaries to reduce your Estate for Tax purposes and there are efficient ways of doing this if you are prepared to start early and plan ahead.
Investment Trusts can also be set up during your lifetime, by opening a Trustee bank account and appointing professional Trustees, it is possible for financial investments to be held within the Trust.
There are also Trusts such as our Flexible Family Trust, which are established upon death. This Trust protects your chosen beneficiaries from attack by creditors/bankruptcy; divorce settlements; remarriage; care fees & ensures that the Nil Rate Band and the residence Nil Rate Band of the settler are secured. By appointing professional Trustees you can ensure that your loved ones are guaranteed the best advice going forward with the wealth they inherit.
Multiple Flexible Family Trusts should be considered if there is more than one child or beneficiary so that inheritance is split as per your wishes by beneficiary and there is no misunderstanding after your death.