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What Is The Difference Between A Will And A Lifetime Trust? - What Is The Difference Between A Will And A Trust In The Uk Especially? A will and a trust are legal documents in estate planning that manage the transfer of assets to beneficiaries, but they have major differences. My name is Mike Pugh, and I am a professional estate planner with over 2000 clients and over £500 million in estate values managed. SUBSCRIBE to the channel for all the best strategies and methods on how to transfer wealth and assets to your children & protect them from care fees, divorce and inheritance tax. So what is the difference between a will and a trust when it comes to estate planning? A will transfers assets to beneficiaries after you die, and all assets remain in your name. A trust can transfer assets to beneficiaries, and it can be effective while you're alive, protecting assets and removing your name as the legal owner of the item. A will can appoint guardians for minor children, which is critical if your wealth is your children. However, a trust cannot deal with guardianship issues. A will is necessary to distribute your assets and deal with taxes and settlement of the estate, but assets are frozen until probate is complete. Executors can apply for a grant of probate on your estate, deal with taxes, get the date of death balances, and deal with the funeral, which can take a long time. The minimum time required to get a grant of probate is nine months. On the other hand, a lifetime trust passes assets to beneficiaries instantly without going through probate or estate administration. The family can deal with the property instantaneously. This is a big deal because waiting for a year can be frustrating. In summary, a will and a trust have significant differences, and which one is better depends on your situation…but we always recommend a will for EVERYBODY a trust for SOME. If you need help in your specific situation setting up a professional estate plan be sure to book a 20 min free call here: https://maplebrookwills.co.uk/book-a-meeting/ For more UP-TO-DATE information on how to protect your wealth and your assets be sure to follow this channel and follow us on Facebook: https://www.facebook.com/maplebrookwills/ Instagram: https://www.instagram.com/estateplanninguk TikTok: https://www.tiktok.com/@estateplanninguk Or send us an E-mail at : answers@maplebrookwills.co.uk Lightbox link for post with description What Is The Difference Between A Will And A...

What Is The Difference Between A Will And A Lifetime Trust? [Estate Planning Basics]

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How to gift your home to your children (EXACT STEPS) #shorts

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