Trusts

Although there are many types of trusts used for numerous reasons Cornerstone Wills specialises in several trusts that are either contained within the Will and therefore set up on death or set up today whilst you are still alive (inter-vivos trusts).

Will Trusts

The Nil Rate Band Trust - used by couples (married/unmarried couples and those in a civil partnership or otherwise) to mitigate inheritance tax by ringfencing the tax-free allowance (Nil Rate Band) of the first to die.

The Property Preservation Trust - used to preserve your share of the property for your intended beneficiaries (usually children), ensuring that the surviving partner can continue to live in the property but guaranteeing that is will pass to your children and not used to pay for long term care costs of the survivor or pass to their new partner/spouse/step-children.

The BPR/APR Trust - used to preserve any business property relief (BPR) and agricultural property relief (APR) available on such qualifying asstes held by the deceased.

Inter-Vivos Trusts

The Family Trust (or Spousal Bypass Trust) - used to mitigate inheritance tax by keeping assets that would automatically pass to the survivor and be taxed on 2nd death (primarily used for death-in-service benefits but also for life assurance and pension payouts).