Trusts in Wills are used for many circumstances, including:
- To protect your share in your owned property from future care home fees
- To leave a share of your estate to a Beneficiary living with a disability, who may be at risk of having their benefits stopped after receiving a substantial lump sum of inheritance
- To safeguard inheritance for a vulnerable Beneficiary
- You may have children from a previous relationship that you would like to protect within a Trust
What types of Trusts are commonly used in Wills?
There are two common types of Trusts used in Wills that we can assist you with at Specters.
These types of Trusts are:
- Life Interest Trusts. A life interest trust enables you to specify within your Will who owns a right to your share of property or assets. For example, you might give your spouse a life interest trust to live in your property and the trust can be brought to an end when your spouse passes away or re-marries.
- Discretionary Trusts. Two or more Trustees manage the trust on behalf of a group or class of Beneficiaries. A discretionary trust allows the Trustees to 'use their discretion' as to how to the income and capital of the trust fund can be distributed. For example, it may be used to safeguard assets from a Beneficiary who is going through a divorce, or it may be used to protect the benefits of a Beneficiary living with a disability.
At Specters, we can assist you in creating Trusts in Wills that protect your best interests and wishes. To discuss your options and requirements, we invite you to call us now on 0300 303 3629 or alternatively you can send us an enquiry using our contact form.