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Ultimate Asset Protection Trusts are another type of Discretionary Trust but unlike Will Trusts this type of Trust is created during your lifetime and is completely independent of your Will.
It can protect your assets from things such as bankruptcy, divorce and numerous other situations by ring-fencing your assets.
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Ultimate Asset Protection Trusts (APT) may appear complicated but are an excellent tool to help protect your assets.
You are free to choose what you wish to place into your APT up to the current Nil Rate Band depending on your circumstances.
Set up now during your lifetime, an APT can protect what you have worked hard for throughout your life, ensuring that your loved ones will benefit in the future.
Some of the numerous benefits include:
- Probate; as the APT does not form part of your Will, assets will generally pass directly to beneficiaries without the need to go through the process of PROBATE.
- Divorce; nobody knows what lies ahead, an APT will ensure that only your stated beneficiary will benefit and not their estranged spouse.
- Bankruptcy; more frequently people are finding themselves in the unfortunate position of having to declare themselves bankrupt. An APT will protect assets until after the bankrupt beneficiary is discharged.
- Claims; unlike a Will where anybody can make a claim against the Will should they feel that they have the right, an APT cannot be claimed against in the same way that a Will can be.
- Estate Dilution; without an APT when a surviving spouse remarries and has more children with a new partner, your children stand to lose their inheritance through estate dilution.
An APT cannot be used as a quick fix when you are aware that you are about to become divorced or bankrupt, likewise, an APT cannot be used solely to prevent paying care fees in the future.