It can best be described as a legal safety deposit box into which your assets are placed, providing security against such things as sideways disinheritance, bankruptcy, divorce, and creditors; ensuring that it passes intact to your loved ones as part of their inheritance.

The person who places his property into a Trust is known as the settlor of the Trust. In order to settle a Trust, a person must still possess full mental capacity to make decisions regarding the protection and management of their estate.

The people who are entrusted with the care of the Trust are the trustees.

Those who will ultimately benefit from the contents of the Trust are referred to as the beneficiaries.

As the settlor of the Trust, you would be named as the principal beneficiary, meaning that you retain full control of the assets within the Trust so long as you live and you maintain mental capacity. This means that you retain a guaranteed right of occupation of the property and cannot be evicted by the other trustees; it also means that you retain the freedom to move home, or release equity from the Trust at any time.

The power of this arrangement is that it protects your assets while you are still alive, and continues to do so after your death.

Don’t risk the loss of your primary asset: contact us now for professional advice and guidance regarding setting up your Family Asset Protection Trust.