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Faq

Frequently Asked Questions

Income protection is a type of insurance that provides financial support to individuals who are unable to work due to illness, injury, or disability.

In this article we will discuss what is the Importance of Legacy Planning: Protecting and Preserving Your Wealth. Continue reading The Importance of Legacy Planning: Protecting and Preserving Your Wealth

When it comes to estate planning, a crucial element is ensuring that your assets are distributed in accordance with your wishes. Will trusts offer a powerful tool to achieve this. Continue reading Understanding Will Trusts: Ensuring Your Assets Are Distributed According to Your Wishes

Business protection is a type of insurance that helps protect a business from financial loss in the event of certain unexpected events, such as the death or illness of a key employee or business partner. Continue reading What is Business Protection?

Business protection is a type of insurance that helps protect a business from financial loss in the event of certain unexpected events, such as the death or illness of a key employee or business partner. Continue reading What is Business Protection?

Buildings insurance is a type of insurance that provides coverage for damage to the physical structure of a building, including the walls, roof, floors, and foundation. It typically covers events such as fire, flooding, and storm damage. Continue reading What is Buildings Insurance?

A Trust with Decreasing Term Policy is a combination of a life insurance policy and a trust, where the trust owns the policy and the death benefit funds the trust for specific beneficiaries and estate taxes. The term of the policy decreases over time Continue reading What is a Trust with Decreasing Term Policy?

A Loan Trust is a trust used to obtain a loan by using the assets in the trust as collateral, it can be structured to protect the assets from creditors and lawsuits, it can be useful for obtaining financing without putting personal assets at risk. Continue reading What is a Loan Trust?

A Discounted Gift Trust is a type of trust that allows an individual to make a gift of assets to a trust while retaining control over the assets and receiving a discount on the gift for gift tax purposes. Continue reading What is a Discounted Gift Trust?

The people selected to receive benefits from the trust. It is possible for a beneficiary to also be a Trustee. Continue reading What is a Trust Beneficiary?
Usually Trustees are selected from close family and friends. They are usually those the settlor trusts most and whose judgement they can rely. Alternatively, people select professional Trustees. Continue reading Who should be a Trustee?
The duties and key responsibility of the trustee: Take legal ownership of the trust fund. Continue reading What Are The Main Duties Of A Trustee?
Trustees need to register a trust with HMRC to pay income tax and capital gains tax. Do this by 5th October of the tax year after the trust is set up ( or when it starts to take Income or chargeable gains, if this is later ). Continue reading Trustees Registering for Tax?
Trustees need to supply the Beneficiaries with a breakdown of the trust and tax paid if they demand it. Continue reading Telling Beneficiaries About Tax And Income
A Trust is a legal arrangement where one or more ‘Trustees’ are made legally responsible for holding assets. Continue reading What is a Deed of Trust/Declaration of Trust?
To ensure your last wishes are carried out, you should get a will that is written and overseen by a professional body, such as Affinity Legacy. Continue reading Do I need a Will?
No. It is illegal to remove any funds or assets from an estate until the Grant of Probate has been received. Funds should only be removed when the executor of the Will has the Grant of Probate and then authorised the funds removal. Continue reading Can I remove assets from an estate if I do not have the Grant of Probate?
A Vulnerable Person Trust is a trust designed to protect the assets of individuals who are unable to manage their own affairs due to a physical or mental disability, or other vulnerability, the trust can also provide for the ongoing care and support. Continue reading What is a Vulnerable Person Trust?
Life insurance is a contract between an individual and an insurance company in which the insured person pays premiums in exchange for a sum of money to be paid out to their designated beneficiaries upon their death. Continue reading What is Life Insurance?
Critical illness cover is an insurance policy that provides a lump sum payment to the insured person if they are diagnosed with a specific critical illness, such as cancer, heart attack, or stroke. Continue reading What is Critical Illness Cover?

Contents insurance is a type of insurance that provides coverage for damage or loss of personal possessions within a building, such as furniture, electronics, and other personal belongings. Continue reading What is Contents Insurance?

A Spousal Bypass Protection Trust is a type of trust that helps to protect assets from estate taxes by transferring them into a trust upon the death of the first spouse. Continue reading What is a Spousal Bypass Protection Trust?

An Asset Protection Bare Trust is a type of trust used to protect assets by transferring them to a trustee who has discretion over how the assets are used and distributed, while beneficiaries have no legal ownership of the assets. Continue reading What is an Asset Protection Bare Trust?

A Personal Injury Trust is a trust used to protect the proceeds of a personal injury settlement or award from creditors and lawsuits, it can be used to provide for the ongoing care and support of the injured person. Continue reading What is a Personal Injury Trust?

Trusts may be set up for a number of reasons, for example:to control and protect personal or family wealth and assets when someone is too young or unable to handle their own affairs. Continue reading What is the purpose of a Trust?

This is the person who created the trust and who owned the property being transferred. A trust can have more than one Settlor, however for inheritance tax purposes, each settlor is treated as making separate gifts under one trust deed. Continue reading What is a Trust Settlor?

This is the person who created the trust and who owned the property being transferred. A trust can have more than one Settlor, however for inheritance tax purposes, each settlor is treated as making separate gifts under one trust deed. Continue reading What is a Trust Settlor?

Trustees should make sure that they have the trust documents safe and familiarise themselves with the terms included. Continue reading What Do The Trustees Do At The Commencement Of The Trust?
The trustees are responsible for reporting and paying tax on behalf of the trust. Continue reading What Are The Tax Responsibility Of A Trustee?
Trustees must report the trust’s income and gains in a trust each year through the on line portal or by post. They will need to collect and keep records (bank statements) to complete the trust return Continue reading Sending Annual Tax Returns
A trust may have an entry charge, exit charge and inheritance tax charge. Continue reading Do Trusts have Inheritance Tax?
A will is a legal document that determines what happens to the distribution of your property, assets and any minor children you may have in the event you should die. Continue reading What is a Will?
For additional tax planning and mitigation or to re-route legacies, there are post death variations available. Continue reading What is a Deed Of Variation?
The normal waiting time is approx 12 weeks. Due to the pandemic, the current waiting time from the Probate Office is now 3 to 6 months Continue reading What is the waiting time for receiving the Grant of Probate?

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  • Affinity Legacy Planning LLP have Professional Indemnity of £2,000,000 per client and £10,000,000 Public Liability and although Affinity Legacy Planning are not regulated by the Council for Licenced Conveyancers, the Solicitors Regulation Authority, or the Financial Conduct Authority, Affinity Legacy Planning LLP utilises the Services of those regulated by the CLC, SRA and FCA. Affinity Legacy Planning LLP does not provide financial advice. Clients needing financial advice will be introduced to a specialist Independent Financial Advisor, authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate taxation and trust advice.
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