The Universal Wealth Preservation Trust (WPT)

The WPT is an estate planning tool that helps you to protect your assets.

The Universal Wealth Preservation Trust (WPT)

  • Flexibility & Certainty

When it comes to estate planning arrangements we know that our clients require not only flexibility but also certainty. This is why Universal Wealth Preservation designed the WPT as an extremely flexible trust which can be set up to provide both lifetime benefits for you and ongoing benefits for your descendants after your death.

Your WPT can be tailored to your individual circumstances, and we can advise you on the best possible way to structure your trust for estate planning purposes. You will also have the reassurance that should your circumstances change at any time in the future the trust could be reviewed and restructured. 

  • Tell me more about the WPT

The WPT is an estate planning tool that helps you to protect your assets. The WPT is set up as a life interest trust and when you settle assets into it you grant yourself a life interest in the trust as its principal beneficiary.

The benefits to you during your lifetime are that:

  • The assets in the trust are ring-fenced for your benefit ensuring that they will be safe for the future.
  • You will be able to have full use of them.  This means you will be free to move home and downsize, for example.
  • You will also be able to receive income from any savings that are protected.
  • Avoidance of Court of Protection control.

The benefits to your family after your death are that:

  • The WPT continues to protect your assets for your beneficiaries by becoming a discretionary trust. 
  • Since the trust can last for 125 years from the date of creation there is the possibility that you can protect your family for several generations to come.

 

  • Inheritance Tax & the WPT

From an IHT perspective, because you receive a benefit from the assets, they will still form part of your estate for IHT purposes. For example, when you place your house into trust, but continue to live there, you are still benefiting from it. Retaining the use of assets is known as a ‘gift with reservation of benefit’ (GROB). 

Although IHT might not be saved on your death the WPT can be an efficient tax vehicle for future generations and, if you bear in mind that the lifetime of a trust is 125 years from creation, that means effective estate protection for your family for a considerable period of time.

  • Why choose Universal’s WPT?

The WPT was designed by Universal Wealth Preservation many years ago. It was developed by us to meet the specific needs of our clients. There may be providers who claim to be experts and offer trust services but this is a complex area of the law and specialist advice is essential. Our professional team have sound practical experience and extensive expertise in creating trust solutions for our clients, enabling us to offer a range of wealth planning and asset protection advice.

As part of our estate planning consultation and assessment we will be happy to discuss with you in detail how a WPT might be of benefit to you and your family. Click here to arrange a FREE no-obligation home consultation with one of our experienced advisers.

For more details of our Keep it in the Family seminars and examples of how our WPT can help you protect your assets click here.

What about tax and how is a Trust managed?

Trusts have their own tax regime and how a trust is taxed depends upon both the type of trust and the nature of the trust fund. 

It is important to note that there are possible tax implications on creation of a trust, during the lifetime of a trust and when a trust comes to an end. Therefore, it is critical that anybody wishing to set up a trust should take specialist advise on what those tax implications might be. Tax is a major consideration and must be factored into any trust arrangement.

Our team of experts can advise you on a Trust structure which will be the most benefit for you and your family and set up that structure in a tax efficient way so as to limit exposure to tax.

As an additional service, we can also manage the Trust on your behalf which means you do not have to be burdened with Trust management yourself safe in the knowledge that we manage Trusts for hundreds of our clients on a day-to-day basis. Our Trust managers are skilled in the preparation of Trust accounts, tax returns and any tax compliance issues.

If you wish to obtain further information about our Trust services, then contact us to discuss your individual requirements.

See also Wills & Estate Planning, Wealth Structuring & Asset Protection, Inheritance Tax Mitigation, Trust Creation & Management.

How Universal Wealth Preservation can assist you

If you are seeking advanced estate planning services and need advice on trust creation and management, we have the expertise to assist you. Our highly specialist team of trust experts work closely with our team of tax experts to advise on and create tax effective trust arrangements, whether that be onshore or offshore and irrespective of your level of wealth.

We also have a highly skilled trust management team who deal with all trust administration issues including trust accounts, taxation, variation of trust provisions, beneficial entitlements, distribution of assets and the winding-up of trusts. Whatever your requirements and individual circumstances, we can provide innovative and pragmatic solutions to meet your needs. 

If you would like to review any of your estate planning arrangements, our team of experts are here to assist you. Please contact us for more information or to arrange a FREE no-obligation home consultation with one of our advisers. We would be very happy to discuss your specific requirements.

Please contact us for more information or to arrange a free-no obligation home consultation with one of our advisers.

For more information or to book your place on one of our forthcoming Keep it in the Family seminars and to find out how you can structure your wealth and protect your assets click here.