Asset Protection Trusts, pros and cons

Arthog

We are updating our Wills and our solicitor has suggested we set up an Asset Protection Trust after changing our ownership to Tenents in Common..

Can Forumites who have encountered these Trusts please ,describe the pros and cons - are there any pitfalls? Is there a downside? Are they ethical?

I'd really appreciate your opinions.

Marcon

Arthog said:

We are updating our Wills and our solicitor has suggested we set up an Asset Protection Trust after changing our ownership to Tenents in Common..

Can Forumites who have encountered these Trusts please ,describe the pros and cons - are there any pitfalls? Is there a downside? Are they ethical?

I'd really appreciate your opinions.

Depends why your solicitor thinks you should set one up - and more to the point, why you think you are setting one up. The two beliefs may not always coincide!

This article provides a balanced overview of when such a trust won't help you - and when it will: https://www.coles-miller.co.uk/news/blog/beware-of-so-called-asset-protection-trusts-wpb.html