A Lifetime Trust is a process which enables you to protect your property or assets whilst you are alive. Unlike Will Trusts which come into force on your death, a Lifetime Trust allows you to gift your property or assets into a Trust and you are allowed to carry on using the asset and living in the property. The advantages in doing this are huge.
For a couple, when one person dies, the survivor will typically have the benefit of the deceased person’s assets. If the survivor re-marries then those assets may pass to a new spouse. By placing assets in a Lifetime Trust before death, this removes the risk of those assets being inherited by someone else’s family.