House Clearance Bradford – Why Should I Use A Trust?

We undertake house clearance in all areas of Bradford: Ilkley Keighley Keighley Little Horton Manningham Queensbury Royds Shipley Thornton Allerton Toller Tong Wharfedale Wibsey Windhill Wrose Worth Valley Wyke.

How Does Northern House Clearance Services Work?

  • The first step is to CALL US ON 07966 311 536 for prices/quote.
  • We will ask you a few simple questions in order to understand your situation.
  • We usually just require 24 hours notice. We like to turn up at 9am on the day of our appointment and stay until the house clearance is complete.
  • Once we have removed all of the furniture, junk & rubbish from the house we will issue you with an invoice for your records.
  • We ALWAYS keep household items to one side which we know can be either re-used or donated free to charity. Our house clearance charges are fair & we do NOT add 20% VAT on the final price.

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Why Should I Use A Trust?

House Clearance Bradford advises you should use a trust if you have some money that needs managing and you don’t know how to do it yourself, or you don’t have time to do it yourself. Below is a list of the main reasons to start a trust.

You can

Save up to £100 000 in taxes upon payout to the beneficiaries.

Give some assets away to others and still retain some control of them.

Avoid legal difficulties over inheritances when you die.

Minimise financial management hassles.

Minimise taxes on income and financial gains.

Allow children/grandchildren to benefit from wealth.

Provide cash to pay for Inheritance Tax (IHT) on an estate.

Confidentiality and privacy. Trusts are not public information like wills.

Types of Trusts

The two main types of trusts are Living trusts, which are beneficial to you when you are still alive, and Testamentary Trusts, which come into effect after you die. All variations of trust types, such as Trust Funds, Offshore rusts and so on are all either Living Trusts or Testamentary Trusts.

Another type of trust is a Unit Trust. These trusts are commonly referred to as mutual funds and are used for investment purposes. All these trusts are outlined in detail below.

Living Trusts

Living trusts are trusts that are beneficial to you when you are alive, rather than after you die. They may beneficial if you:

• Want to enjoy money that you have acquired and don’t want to be in charge of managing it
• Travel often and have a hard time keeping track of your finances.
• Are appreciative of the fact that you can make an agreement now that will benefit your family and friends in the future.

Professionals with heavy career responsibilities that don’t have time to manage their own money could make use of a trust. People that have little financial management experience would be much better off using a trust. People that are seeking impartial, friendly advice about what to do with their money could be benefited by leaving it with a trust company.

Testamentary Trusts

A testamentary trust is a trust that is created within a will. It does not take effect until after the death of the settlor. Aside from that difference a testamentary trust is almost the same as a living trust. A testamentary trust is also beneficial to privacy, because when a will is carried out there are court filings with all the information being available in public records. With a trust there are no public records, so you get greater privacy and confidentiality with a trust.

Trusts can also be planned so that the money is given out to who it is supposed to go to in such a way that a lot of taxes can be saved on the distribution. House Clearance Bradford gives the following example, say you had a trust fund worth £530 000. If the maximum amount that can be given to your heirs on your death without tax is £100 000, you can have the trust pay them £100 000 yearly, instead of the lump sum of £500 000 which would be taxed heavily.

Unit Trusts

Unit trusts are an investment. The idea behind them is that you pool your savings with other investors into a common fund, and these funds are professionally invested. The reason unit trusts are called what they are is that the trusts are sold to the public as units. The benefits from the investments of the trust are then all paid out according to how many units you have purchased. A person who bought 20 units will get twice as much payout as a person who bought 10 units. The only purpose of a unit trust is to act as an investment.

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