Only rich people have trusts. Not necessarily!

Yes, it’s true that people with lots of money do tend to have more headaches when it comes to protecting money and setting up children for the future but trusts can apply to lots of different people in different situations.

The main trusts are:-

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Chris Hutchinson

Senior Solicitor

I think it is important to treat all clients with respect and I do my utmost to guide them through, what are sometimes difficult times, with sensitivity. I also do my best to explain the legal procedures to them in a way they can understand.

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Personal Injury Trust

In most cases, benefits start to be reduced if a person has capital of £6,000 or above. Once a person has over £16,000 nearly all benefits are typically lost. Capital in a trust fund, when it relates to a payment made as result of a personal injury, is ignored by the Government when looking at entitlement.

If you’ve had a successful personal injury claim, make sure that money is used to compensate you and not give the Government a reason to stop helping you.

Property Protection Trust

This trust is usually created when a couple wish to protect their half of the property i.e. if the husband dies first he wants his half of the house to go to directly to his children (subject to his wife being able to live there as long as she wishes). The result of this trust means that 1) the Government cannot claim the husbands half of the house towards the wife’s care fees 2) Only the wife’s share can be passed to a future husband.

Protect your share of your property and also make sure that other people’s families don’t get their hands on your house!

Asset Protection Trust

Monies held in this type of trust are normally disregarded for care purposes provided that the trust has been set up correctly and the assets ‘ring-fenced’ at the right time. The assets held in the trust are specifically held for your benefit during your lifetime. This means that you are free to move, downsize or release capital at any time.

You are able to sell your property and move into sheltered accommodation in the future if this becomes necessary and the proceeds of sale can then provide an income or be spent enjoying your retirement.

Enjoy the money that you’re entitled to without having to give it up for home fees.

Come to speak to us… you can trust us to protect you!

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