Will Trust

There are a variety of Trusts that can form part of your will. A Will Trust exists to protect your valuable assets for your beneficiaries.

Will Trust

Trustees are appointed to manage the trusts on behalf of their beneficiaries. They have a duty of care and must be appointed cautiously; they should be someone you trust. You can also appoint a professional trustee, such as a legal body.

Different types of Will Trusts

  • Life interest trust: a beneficiary may live in a property owned by the trust or receive money from it

  • Flexible life interest trust: trustees are given power to take capital from the trust throughout their lives

  • Discretionary trust: these are more flexible, and allow trustees to manage your estate and decide who and when to distribute assets

  • Bereaved minor trust: for children to inherit when they turn 18.

What are reasons for setting up a Trust?

  • To provide security for loved ones in future generations

  • To protect assets from third party claims, divorce, or bankruptcy

  • To provide financial care for children or grandchildren, with the ability of determining when they should receive responsibility of their inheritance.

You can set up the conditions of a trust in your will, but they will only come into effect after your death.

Why is legal assistance recommended?

Trusts can be complex and long-winded. Solicitors can help you:

  • Decide which trust is best for your circumstances

  • Ascertain what conditions to include

  • Work out if you can save on or prevent inheritance tax

  • Make sure your trust(s) don’t conflict with your will.

Can I name the beneficiaries in my Will Trust?

Your intended beneficiaries may not be best place to receive their inheritance at the time of your death. An example of this would be if one of your beneficiaries are disabled. Receiving a large sum of money may invalidate any benefits they are entitled to, such as Personal Independent Payments. Another example would be a person applying for a student loan for higher education.

What if a Trust and Will conflict?

Contradictory clauses may cause conflict and dispute. Both Will and Trust documents should be checked by a solicitor to prevent future hassle.