What Is The Difference Between A Will And A Lifetime Trust? [Estate Planning Basics]

[@bendingsteelmedia7488]

Very well presented and explained. Thanks, sir. 😋

[@MPEstatePlanningUK]

Thank you Bending!

[@PaulGarwood]

My partner is on ESA benefit, if I set up a trust with her as the benefactor will she lose this benefit?

[@MPEstatePlanningUK]

Generally, no she will not lose her benefits. Also, if benefits are means tested, a Trust can protect the benefits.

[@isabela2135]

Best informative video about trust I saw so far. about trusts. Thank you very much

[@MPEstatePlanningUK]

Thanks for the compliment! M

[@danthemanirwin]

subscribed!

[@leberlin]

Great explanation on something so important that my parents overlooked but luckily we did not have to worry about care fees only inheritance Tax. Very good advice thank you.

[@MPEstatePlanningUK]

Glad it was helpful!

[@tajinsultanatoma4156]

Very informative

[@greendreambytania]

Very informative. Thanks for your explanation. 🎉

[@paulawakefield7869]

Food for thought 👍thank you.

[@MPEstatePlanningUK]

Thank you

[@manthravadi]

Very useful information I have booked a consultation with you 🙏

[@MPEstatePlanningUK]

Look forward to the chat. Mike

[@AndrewMargetts-ic4kv]

Very well presented and clearly explained; It's given myself something to think about. I'm ready to retire and contemplating how to move forward financially in the second chapter of my life!

[@MPEstatePlanningUK]

@AndrewMargetts-ic4kv Thank you Andrew - glad it helps. Mike

[@lindawhittle3871]

Me and my husband have joint ownership of our house which I presume most married people do, the trust will cover both joint owners within the trust. I am about to make a will but came across your video and a trust sounds the way to go.

[@MPEstatePlanningUK]

Trusts work - plain and simple. Wills and LPA's are the bare bones and essential. We include Wills and LPA's at no charge in the MP Estate Protection Plan. It's a complete solution.

[@lindawhittle3871]

@@MPEstatePlanningUK are you based in several places? What is the procedure if we want you to arrange a Living Trust for us?

[@MPEstatePlanningUK]

Hi @@lindawhittle3871, our head office is in Bristol and we provide home visits or ZOOM as preferred throughout England and Wales. Drop me an email if you'd like to chat: [e-mail] Cheerio, Mike

[@amalhoummada3322]

Very helpful, thank you

[@sadiyarahmandola7077]

Helpful

[@mahiousgazi]

Thank you for getting us easily, sir😊❤.

[@mikepugh22]

Your welcome Anayet

[@prabhjotgill3923]

Hi, how does putting a property into a trust before a charge is put on it affect it, if at all?

[@MPEstatePlanningUK]

It depends on what you're trying to accomplish. Need more specificity to answer your Q. Mike

[@shazman15]

Very useful!

[@tayattanatdairy]

Informative ❤

[@amazingrealvideos5858]

Very informative video, my question is , My mrs is on the tested benefits so if I set up the lifetime trust upon our assets will she loose the benefits?

[@MPEstatePlanningUK]

No, quite the opposite. Protecting means tested benefits is one of the strengths of Lifetime Trust Planning.

[@michaelajayi6006]

❤❤❤❤Really

[@omarcam-v4g]

love this !, clear education mu only question now would be .. how to end a trust or is the time scale moveable ?

[@MPEstatePlanningUK]

Great comment (you got half of the answer). A: All trusts can be reversed. The trustees can appoint out the assets or move up the time line.

[@taurus65]

Very helpful

[@MPEstatePlanningUK]

Thanks, Taurus. Glad this helps.

[@jimmorrison3751]

You say in the video that a lifetime trust is exactly that in that it lasts 125 years with no additional payment. However on other channels I’ve watched they say that there is a trust payment every 10 years? Please clarify. Thank you

[@MPEstatePlanningUK]

All Trusts can have a 10 year period charge. I'm commenting on the annual run costs which should be £0

[@maimay3673]

Very informative, what about selling your house and just buy in your son/ daughter's name to avoid inheritance tax?

[@MPEstatePlanningUK]

Can but 1) this is a PET so stay alive for 7 years and 2) what happens when they get a divorce? Your gift goes 50% to Mrs or Mr Wrong.

[@MD-gc4xq]

Is there a way of making a trust yourself without involving solicitors ?

[@AlexShantyOldLawModel]

This old man says you need fiduciaries installing police and citizens to arrest quit claim jumping equity elder abusing estate planners selling a plan almost as dangerous as selling cars without brakes.

[@BinteMaryam-bj4jh]

Thanks

[@PaulGarwood]

Thanks this is very helpful, I have a couple more questions, can a life insurance be included in a life trust, as this can be considered as income to someone who is on a benefit, and if I choose to leave everything Solly to my partner, would other family member have a rite for a claim?

[@MPEstatePlanningUK]

Putting a Trust together to receive the benefit of a LI policy is a v good idea. And they're FREE. Just contact the LI company.

[@hemiwarrior6226]

So a question: If I have a lifetime trust, then declare bankruptcy to clear debt, can the government not touch anything in the trust because it technically doesn't belong to me?

[@MPEstatePlanningUK]

In short: you are correct. The longer answer is more involved as it is a Criminal Act to put assets into a Trust when you KNOW you are going to go bankrupt (IA 1986 UK). But if you do this years in advance - and then something bad happens - then the assets would be protected.

[@MPEstatePlanningUK]

Good Q

[@ruheluddin9384]

Interesting…

[@trevorbirley1418]

I am putting my second home (which my son lives in) into a trust. I also have my primary place of residence which my wife and I live in. Can I put my primary home into the trust as well if so how do I do it? COULD I also put my saving in to the trust belt still have access to them ? Thanks

[@moonmoonjannat]

Nice Explanation!

[@stananders474]

What about those who took out 'Home Equity'? I took it out 12 years ago.

[@sultanapriya4]

Thanks for these Necessary informations Sir.

[@diyandcrafts274]

Thanks for sharing

[@jhtsfriends]

Informative

[@juiislamm]

Thanks ❤

[@FL09GER55]

I did my trust years ago . its also has an. nda .I did enjoy you simple explanation .first class

[@SergeRubcov]

What would be a rough cost of setting up a trust? I know it probably depends on many factors, but is there a rough guide which would give me an estimate before I actually start spending money on consultations. This could be way out of what I could afford currently and I don't want to spend something I don't really have. Many thanks

[@MPEstatePlanningUK]

All of our prices are public. Our 2022 and 2023 price videos are on this channel.

[@AlexShantyOldLawModel]

Good morning in April we’re getting the NICER Prebate Probate 837PC SOP Police Response Citizen Restraint Nickel and Dime solution to estate plan quit claim jumping equity elder abusing Litigation Quartet.

[@michellec3589]

Can you recommend someone in the us

[@nidasalvador9705]

Thsnk u thank u

[@nickrippon8779]

If you deliberately place assets into trust does this not fail for care fee purposes as it is deprivation of assets?

[@MPEstatePlanningUK]

If someone deliberately places assets into Trust to avoid Care Fees than that would be deliberate deprivation. Most people put assets into Trust to 1) maintain control 2) avoid the child losing everything in a future divorce... in fact we annotate 9 different reasons folks place assets into Trust - none of which have anything to do with Care Fees avoidance. It just happens that this planning can also provide Care Fees protection. The key is to do it years in advance. Hope this helps.

[@KN-bx9nt]

I can't see anywhere online that you're not allowed to apply for probate until 3 months after the death. I applied at about 1.5 months and received the grant 6 weeks later, and only due to my not sending the will immediately. It was a simple estate. Can you say more about not applying for probate for 3 months after the death?

[@MacksCurley]

What are the disadvantages of a trust?

[@MPEstatePlanningUK]

Inital Cost and depending on the estate plan taxation.

[@MacksCurley]

@@MPEstatePlanningUK Thanks for the reply.

[@MPEstatePlanningUK]

@@MacksCurley kzbin.info/www/bejne/pqivimh6eaamjsU OR kzbin.info/www/bejne/j6S5qqSHhtGcfbs

[@MPEstatePlanningUK]

@@MacksCurley Just type a key word into the search bar on my YT channel. Mike

[@AKAK-hr7ug]

Does the house need to be owned outright?

[@MPEstatePlanningUK]

No. If there's a mortgage, it can still be put into Trust.

[@ug1166]

@@MPEstatePlanningUK How can the lender not object

[@MPEstatePlanningUK]

@@ug1166 It depends on the contract and the Trust

[@ug1166]

@@MPEstatePlanningUK Thanks -Can you please elaborate more what do you mean by ' It depends on the contract and the Trust'

[@MPEstatePlanningUK]

@@ug1166 Sounds like a great idea for a video! Thanks

[@childofgod6828]

Does this also apply in the US?

[@MPEstatePlanningUK]

The fundamentals should apply. Speak with a local professional estate planner for accurate knowledge of local laws and taxes.

[@yeaminpurobe7517]

🌼✨

[@MPEstatePlanningUK]

😀

[@sumayaakter4258]

💚

[@jannatyshetu3264]

💙

[@nidasalvador9705]

Am sorry my late husband no will 7 years died. So pls I hope get my assets. I have attorney. But no like help me they way they doing my stepdaughter n his attorney. Fraud

[@MPEstatePlanningUK]

Sorry to hear. While you certainly know, planning is important.

[@10minuteschoolcourse29]

Informative

[@MdMizan-tt9tb]

Thanks

[@Fantasia9399-y7q]

Well explained

[@MPEstatePlanningUK]

Thanks Milan

[@আমারস্বপ্ন-ঘ৩ব]

Thanks ❤️❤️❤️