Yes you can add new assets to the Trust at any time
A Family Asset Protection Trust provides complete protection of your assets meaning you can leave more inheritance to your loved ones.
As the word suggests, a trustee should be someone you trust. For example, your partner, spouse, another family member, a close friend, or your family solicitor. Trustees must be over 18, mentally able and must not be bankrupt.
Trustees should sign the trust form to acknowledge their appointment. In accepting the appointment, trustees must carry out certain obligations and duties. The position shouldn’t be taken lightly.
You, as the person creating the trust, are known as the settlor or donor. The people who manage the trust are known as trustees. These people may need to deal with the trust after your death so you need to choose them carefully.
A trust is a way of choosing who will receive the benefit of certain assets, without giving your beneficiaries full immediate control over them. A trust is usually created by a document – the trust deed – which names the people involved and sets out the terms of the trust.
Yes, you can sell your house, however your half of the profit would remain in Trust.
Having a PPT set up would benefit your family if your surviving partner ended up having financial difficulty or ended up going into a care home.
PPT is an affordable way to protect your share of your homes value. It also allows you to specify who will inherit your share of your home.