What Are Trusts? [Trusts Explained UK)

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Trusts Explained UK - Your Comprehensive Guide
In this informative video, we'll delve into trusts explained UK, their types, and why they're crucial for managing your assets in the UK. If you're looking to safeguard your assets, minimize inheritance tax, and navigate challenges like care fees and divorce, you're in the right place.
Discover why trusts are a powerful tool in organizing your assets effectively and reducing the burden of a 40% inheritance tax in the UK.
Uncover the fundamental concept of trusts explained UK, the different parties involved (settlor, trustees, and beneficiaries), and the essential Trust Deed document outlining asset management.
Explore the roles of trustees and the diverse range of assets that can be placed into trusts explained UK, from cash to property, fine art, stocks, shares, and more.
Delve into the various reasons for setting up trusts,in the UK including addressing care fees, protecting assets from divorce, and efficiently managing your estate.
Learn how trusts can legally reduce your inheritance tax liability and ensure more of your assets go to your loved ones instead of the government in the UK
Understand the realities of trusts explained UK in inheritance tax planning, debunking common misconceptions and emphasizing the importance of careful planning.
Discover how trusts explained UK can assist young beneficiaries or individuals with incapacity, disabilities, or means-tested benefits.
Explore the main types of trusts explained UK, such as bare trusts, interest in possession trusts, and discretionary trusts, each with its unique characteristics.
Learn about the simplicity and limitations of bare trusts explained UK, ideal for passing assets to younger children until they reach the age of 18.
Explore the dynamics of interest in possession trusts explained UK, including income and capital beneficiaries, and their suitability for blended families.
Delve into the flexibility of discretionary trusts explained UK, allowing trustees to make decisions on income and capital distributions to beneficiaries.
Receive valuable advice on seeking specialist estate planners for creating precise and legally sound trusts explained UK, considering the complexity of your situation.
Get insights into trust costs, which vary based on complexity, tax planning, and objectives. Discover the transparency of MP Estate Planning's pricing for trusts explained UK.
Make an informed decision about trust investments, balancing costs against potential care fees savings, and the long-lasting benefits of trusts explained UK. Don't forget to like and subscribe for more expert guidance.
Thank you for joining us in this comprehensive guide to trusts explained UK. If you have any questions, feel free to ask in the comments section below. We're here to help you protect your assets and secure your family's financial future.

[@geoffingram2742]

I have been considering trusts now for some years. I have approached one or 2 solicitors on the subject to find no real commitment. Your Gospel is interesting and gives much more clarity than I have acquired to date. I’m now ready to take the steps required.

[@MPEstatePlanningUK]

Glad the video is helpful. The gospel of Mike sounds a bit strong - but I'm passionate about keeping control of assets! If you'd like to chat here's my email: [e-mail]

[@lifestylesew]

Very interesting, I thought I would have my house put in trust, buts was told by a solicitor, I don't have a good enough reason to put it in trust to avoid care fee's in the future, it can be challenged that I only did it to avoid care fee's. I live on my own. It also costs a lot to do. Then when I die, who knows what costs my daughter would be charge to sort every thing out.

[@MPEstatePlanningUK]

There are at least 9 good reasons to put your home into Trust and none of them have anything to do with Care Fees. _You might want to get another opinion._

[@visible-x8n]

Hello there, could I ask if the children can change who is the trustee in the family trust, with the help of solicitor. Thank you in advance

[@MPEstatePlanningUK]

It depends on the powers written into the Trust

[@julianweekes]

Just found your channel Mike. I like your style. Will consider this closely. I enjoyed learning from you and will be in touch if I go this trust route.

[@MPEstatePlanningUK]

Thanks and welcome! M

[@carlchappell6383]

Hi Mike, do you need to be careful who the trustees are when you set up a trust,? it seems daunting and dont want to sign away anything i shouldn't, would you normally have the company thats setting it up as trustees?

[@MPEstatePlanningUK]

It depends. It's up to the settlor to decide who to use as trustees. Professionals or Family or both?

[@carlchappell6383]

@MPEstatePlanningUK thank you appreciate your prompt reply

[@MominNz]

a very informative video.

[@martinhemming7788]

What would happen to a house in trust it the couple decide to sell it, down size? Would the trust be void or would the new smaller house be transferred into the trust?

[@MPEstatePlanningUK]

Good Q! The Trust can move with the family. The old home is sold and the new home is purchased and conveyed into the Trust.

[@FizzMovies]

Csn you post a link to the Inheritance Tax Strategies video? I couldn't find it. Thanks

[@MPEstatePlanningUK]

@FizzMovies Great idea!

[@M2FinanceEducation]

How does it work with intellectual property such as music, books, KZbin channels etc? I have a ltd company but want it all to “royalties” to be owned by a trust which will be drawn on without the high hit of tax as a HRT payer

[@MPEstatePlanningUK]

The income could be mandated to a lower income tax payer

[@Tbillion001]

Please where is the link showing fees and processes?

[@MPEstatePlanningUK]

kzbin.info/www/bejne/fmK7hZSHht56nJI

[@stephenmcnamara4393]

My mother recently went in care luckily we had put 50% of her house in trust the solicitor advised not to put the full house in trust as social services would still try to claim it. We are currently completing put our hose in trust but a really big issue was getting a bank to open a trust account most of the UK banks will no longer open trust accounts it was horrendous trying to get one open Lucky Virgin bank we’re still doing them but we were told they were going to stop soon So what advise do you have for finding somewhere to transfer money when our house is eventually sold

[@MPEstatePlanningUK]

Good advice. It's a shame they didn't place the entire home into Trust. Half a home is still better than no home!

[@alberto5770]

A friend of my wife got their mum in care for about 15 months before she passed; took them 3 weeks to reach with the bill; ended having to sell the house the mum worked for since age 14 in the farm to pay the care house. Ever since I am worried about out kid getting our inheritance and not a care provider. The trust ( not sure which) is my only hope

[@MPEstatePlanningUK]

@@alberto5770 Your wife's friend's experience is quite common. Most people don't realize they can keep control of their assets with a Trust. If you'd like to chat about trusts drop me an email [e-mail]

[@user-vt1te9qw5i]

Is there away to setup a trust online

[@MPEstatePlanningUK]

What country are you in?

[@Yesman10]

Mike, if I was going to put 20 properties into a trust for my kids, how could I still be paid the income generated from the rent on them without paying highest rate income tax

[@MPEstatePlanningUK]

Hi @Yesman10 Short answer: Yes.

[@Yesman10]

@@MPEstatePlanningUK ok we probably need to talk 😁

[@MPEstatePlanningUK]

@@Yesman10 If you/your properties are in England or Wales, I can help. Drop me an email: [e-mail] with your number and I'll give you a call. Mike

[@Yesman10]

@@MPEstatePlanningUK top one mate will do

[@nothing_for_you]

I need my child to get the property because she is very ill and may need it. I need to avoid care fees and means tasted benefits if i get sick. I own 1 property 100k but this could be life or death to my daughter. How much is a ball park figure

[@MPEstatePlanningUK]

@nothing_for_you I know we are the first - and I think still Only - firm that publishes all of our prices on YT. Here's the video: kzbin.info/www/bejne/fmK7hZSHht56nJI

[@bluesbaby83]

My mum died and put in her will my aunt and cuz must be my trustees...the house got sold and I'm the only 1 in the family that has terms and conditions...long story short!.. I have 100.000 that I can have in bits when I'm old and cant work. I dont like this. How do I contest. It do I have no power

[@MPEstatePlanningUK]

@bluesbaby83 The Trustees have the power. Best bet is to speak with them.

[@SEOsagor]

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[@kalpnashah4030]

what you talking about! i watch his v!

[@SEOsagor]

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[@kalpnashah4030]

you sound like a sales man offering his double glazing... @@SEOsagor

[@SEOsagor]

@@kalpnashah4030 No sales man offer I only offer improve this channel...

[@johnmurray5573]

​@@SEOsagorthis video is not pitched at the mass market, it's appeal is select

[@atsuiwong]

This may sound really stupid but say i had alot of money and wanted to leave it to my child, could i put all my money into gold and then pass it onto them that way and pay less?

[@MPEstatePlanningUK]

@atsuiwong Can. However, there are several challenges to gold. Price, security, and liquidity to name a few. Plus "gold" is not an easily identified asset and cannot be placed into Trust as "Gold". If there is a bullion account, the account can be place into a Trust. (Did that for another client a few weeks back). Hope this helps, Mike

[@norsewonders6848]

You still have to be careful with CGT on the gold and plus which you gold buy may have VAT which could eat up some of your investment