The Family Trust Corporation
After over two decades in business, the owners of The ELATCO decided that their clients would be better served by working with a Trust Corporation. Countrywide Tax & trust Corporation Ltd was founded on the same moral principles and customer service focus that we are proud to uphold in every other aspect of our business.
What is a Trust Corporation?
A Trust Corporation, also known as a trust company or corporate trustee, is a specialized financial institution granted legal authority by the Secretary of State and registered with Her Majesty’s Revenue and Customs (HMRC) to provide expert trustee services. Trust corporations play a crucial role in the management and administration of trusts, which are legal arrangements designed to safeguard and manage assets for the benefit of individuals, organizations, or specific purposes.
These corporations are entrusted with the fiduciary responsibility of overseeing and safeguarding trust assets, ensuring that they are managed in accordance with the provisions set forth in the trust documents. This includes managing investments, distributing income and principal to beneficiaries, and ensuring compliance with relevant laws and regulations.
Trust corporations are known for their expertise in navigating complex legal and financial matters related to trusts. They act impartially and professionally, upholding the best interests of the trust and its beneficiaries. Their authorization by the Secretary of State and registration with HMRC signify their commitment to adhering to stringent regulatory standards, providing a high level of confidence and security to those seeking their trustee services.
Whether you are an individual looking to establish a trust to protect your assets or a business seeking a reliable trustee for employee benefit plans, a Trust Corporation’s specialized knowledge and legal authority make them a trustworthy choice for ensuring the proper administration of your trust arrangements.
Estate & Inheritance Planning
Don’t leave it to chance.
Planning your estate can involve many different aspects from basic Wills to Will Trusts and Lifetime Trusts. Modern families can have complicated dynamics and there is often a potential for conflict in the future if relationships break down or after the death of a client.
There are six potential problems which can stand in the way of your legacy passing down:
- Intestacy
- Incapacity
- Care costs
- Probate
- Sideways disinheritance
- Vulnerable beneficiaries
We can work in partnership with your financial advisor or accountant to provide more complex solutions for larger estates, business or even agricultural assets. For instance, we can reference cross-option agreements and protect the proceeds for your beneficiaries.
Inheritance Protection
Making sure your legacy passes on.
Tens of thousands of people every year have their bereavement compounded by the fact that their loved ones left no clear instructions on how their estate should be dealt with in the event of their death. In fact, it is estimated that only 24% of the UK population has an appropriate Will, and every year, 64% of people who die do not leave behind a Will.
How we can help
At the Will Writing Company, we provide proven solutions to protect inheritance for vulnerable beneficiaries, for example minors, those that are registered disabled, or those who may not be able to handle money well. These solutions can be alternatives to ‘lump sum’ inheritance and can also be used to provide support until your child comes of age.
Severance of Tenancy
Changing the way you own your home.
A Severance of Tenancy is how joint owners of property alter its ownership. If you own your property jointly, either as a married couple, partners or friends, you will have chosen one of two kinds of ownership. You will own your property as either:
- Beneficial joint tenants; or
- Tenants in common.
As Joint Tenant owners, each owner owns 100% of the property at the same time as the other(s). Technically, Joint Tenants own the house ‘in Trust’ for each other, so when one owner dies, the surviving owner(s) own the property automatically whatever the owner’s Will might state.
If the property is owned as Tenants in Common, each person owns their share (typically 50/50 but can be any proportion) so if one dies, their share of the property passes to a beneficiary named in their Will or according to the Rules of Intestacy.
Who is it for?
Severance of Tenancy is very popular with couples (married or otherwise) seeking to protect the house and other assets from third party threats and/or the remarriage of the survivor. In these cases, clients often do not want the surviving owner to own more than their ‘share’. To prevent this from happening the client first of all needs to own an individual share. A Severance of Tenancy achieves this by changing the ownership from Joint Tenants to Tenants in Common.
At the same time as changing ownership, Trusts would normally be written into the Will documents to support this arrangement.