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YES, Asset Protection and Home Protection Trusts do give protection to the assets in trust, as they will not be counted in a divorce settlement.

This has always been a major advantage and it gives protection in 2 ways.

Firstly if a couple (call them Mr & Mrs Smith) put their jointly owned home into a trust then one dies and then the other meets someone new (call the new partner Mrs Jones) and possibly re-marries, the trust prevents what we call sideways disinheritance as the property will always be protected in the trust for the beneficiaries of Mr & Mrs Smith AND most importantly those beneficiaries cannot be removed from the trust regardless of what influence Mrs Jones brings to bear.

If Mr & Mrs Smith had not put their property in trust and just left it to each other in their wills, then one died and the other one met someone new, that remaining partner (say Mr Smith ) may have been asked to make a new will by the new partner (Mrs Jones) leaving everything to each other and then Mr Smith dies and Mrs Jones gets everything and leaves everything to her children in her will and Mr & Mrs Smiths children inherit nothing, and this happens all too often.

The second important point is that it prevents a beneficiary’s spouse or partner from getting their hands on Mr & Mrs Smiths house after they have died, as it will still be protected in the trust for that named beneficiary(s), and we recommend that beneficiary(s) leaves it in the trust , possibly renting it out, or sells it and puts the money in trust, keeping it protected, unless they want to sell it and spend the money, which they can do.

Contact us to discuss your personal circumstances to see if we can help

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