Everyone wants to protect their assets for their loved ones. People are motivated to feed their children throughout their lives and want what is best for them. Many people draft a will, hoping to make sure that the assets they have worked hard to acquire in their lifetime are passed on to their children and beneficiaries of choice after death. However, wills can only dispose of the assets you own on the day you die, and if these values are eroded during your lifetime, your beneficiaries are left to inherit. There will be few that have been done.
Lifelong Life Trust is specifically designed to protect your property for you lifetime. They give you the peace of mind that your property can be safely and intactly handed over to your spouse, your child and their lineage, or other designated beneficiary after your death.
Once you've created a trust, you can use it to "enclose" your assets. Most people protect their homes and savings, and banks and other savings cover ongoing living costs. Income from savings protected in the trust can be paid directly to your bank account to supplement income or income from pensions. What does Living Trust do to me?
Just like a safe, assets can be added to and removed from the trust during their lifetime. If you have a large expense, such as a new car, holiday, or home repair that you can’t afford with your regular income you can transfer the right amount from your trust to your bank account.
You are appointed as the “key beneficiary” of the trust and retain full control over the assets in the trust while you are alive and have mental capacity. You can always go home or free your trust.
As the primary beneficiary of the trust, you have the guaranteed right of possession in your property for the rest of your life. The trustees, usually your child, cannot evict you under any circumstances.
You can instruct the trustee to sell the property and purchase a new property of your choice. If the new asset to acquire is more expensive, the trustee will only need to purchase the new asset if the required additional capital has been paid to the trust.
Trust applies equally to married couples and singles.
If you lose your mental capacity, the law states that you are no longer allowed to manage your own things. The assets held in the trust will be managed by the trustee on your behalf. The trustees can effectively "face up" to make decisions on your behalf, but these must be in your interests. They can add or remove assets or use your income from the trust to help you and improve your quality of life. Assets held outside the trust are subject to court control. By lasting power of attorney, the people you choose can manage the assets you own outside the trust.
After your death, the trust will continue to work to protect your property for the beneficiaries. The trust can either keep the asset safe in the asset or pay the designated beneficiary. Trusts are very flexible after death and may continue to protect families for 125 years from the date of creation. So all the benefits mentioned in this document can not only protect you and your child, but also grandchildren and great-grandchildren.