A client wouldn’t leave their children a joint bank account to ‘share’…
So why advise them to leave all their combined inheritance to one Trust?
You’d be right to think that Trust planning is a simple and safe way of protecting your clients’ assets from leaving their bloodline – it’s far better for their own peace of mind, to leave their assets to a Trust rather than to leave them to beneficiaries absolutely… HOWEVER when there’s multiple beneficiaries, we can recommend a more efficient and manageable way of distributing their assets…
We are delighted with the popularity of our Multiple Sibling Trusts!
Multiple Sibling Trusts provides your clients and their beneficiaries with the flexibility to decide on the PURPOSE of each Trust, WHO they want each asset going to, and HOW they should benefit.
A Multiple Trust Strategy can offer complete autonomy in relation to both the independence of the beneficiaries of the Trust, and of the assets within.
Let’s imagine the Settlor of the Trust is a father of three children, all of which he appoints as both Trustees and Beneficiaries of said Trust (a very common occurrence). This would mean that each time one of the siblings want to make a withdrawal from the Trust, they would need to have unanimous agreement from all three siblings…
Now I don’t know about you, but I certainly wouldn’t want to have to ask my siblings permission every time I wanted to access my inheritance! Neither would I want control of my siblings decisions.
It’s a fact of life that siblings are not always going to see eye to eye…
So by leaving a separate Trust for each sibling, the opportunity for disagreement is eliminated offering each individual complete autonomy over their inheritance and how they wish to use it.
Or where the beneficiaries (often relatives) are also Trustees problems can occur when they are unwilling to co-operate with each other and could cause the Trust to be completely unworkable – incurring even more COSTS!
How can Multiple Sibling Trusts help?
By using Multiple Sibling Trusts, your client can separate the inheritance of each beneficiary. The Settlor of the Trusts can also appoint different Trustees for different Trusts, seriously reducing the risk of conflicts and delays.
A group of simple Trusts is much easier to manage than a single Trust with many purposes, mixed assets, multiple Beneficiaries.
Don’t let your client’s Trust be torn apart…
Recommend a Multiple Trust Strategy today!
Multiple Sibling Trusts is now LIVE in the Countrywide Legacy software!
And there’s more…
For those of you already utilising Countrywide Legacy’s Professional Bundle, the Multiple Sibling Trust Package will be included FREE OF CHARGE!
If you would like to learn more about Countrywide Legacy and the Professional Bundle, please click here or contact us today!
newentrants@countrywidegroup.co.uk | www.countrywidelegacy.co.uk
This article was submitted to be published by Countrywide Legacy as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
