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In many ways ‘Wills and Trusts’ go together like a ‘horse and carriage’ -- as the
role of an executor is one involving an element of trust. And when children are
less than age 18 any inheritance due to them is automatically placed into a trust
for them until they attain age 18.
The use of trusts in a Will provide a significant number of opportunities that would not otherwise be available to the professional estate planner.
Trusts, Traps and Wills
Increasingly Will writers and solicitors recommend Wills include certain types of trusts. They can be used, for example, to reduce an inheritance tax liability or to protect a disabled child’s inheritance.
Our free guide ‘Trusts, Traps and Wills‘ explains about the different types of trusts
available (e.g. Childrens trusts, Discretionary trust, interest in possession trusts,
Protective Property Trusts, and Disabled Trusts) that can be included in your Will,
the pros and cons of each type of trust, and aspects you need to be aware of by inserting
a trust into your Will (e.g. Pre-Owned Asset Tax, Gifts with Reservation of Benefit
rules, sham trusts), and how a trust could be used in your Will (e.g. inheritance
tax planning, long-term care planning, protection from a former spouse)
To download your free guide simply click on the button below.
Protective Property Trust and Long Term Care -
Many people are concerned about the funding of long-term care. They hear stories
of people’s property being forcibly sold to fund their care -- and want to avoid
the same outcome themselves if at all possible.
Including a complex trust in your Will does not guarantee to protect your property
from being forcibly sold by Social Services -- despite what many Will writers will
claim. It is a fact that some types of the trust included in a person’s Will have
been used successfully to defend assets from the clutches of Social Services and
the funding of Long-term Care in the past. But each case is individually assessed.
Please see our web page ‘Long-term Care and defending your assets’ for more details.
What is an ‘Expression of Wishes’?
Sometimes an ‘Expression of Wishes’ is referred to as a ‘Letter of Wishes’.
This is a document that you can produce yourself.
It is not a will in itself, but adds ‘flesh to the bones’ of an existing will.
An ‘expression of wish’ should be used to give guidance to trustees of any trust fund in a Will; this is particularly important when a discretionary trust is included within your will.
The document is often also used in conjunction with your will to:
- give guidance to your executors, trustees, or guardians; or
- to expand upon some aspect in your will; or
- to give important information to your executors e.g. Who should be contacted in the event of your death. Location of your title deeds etc.
An ‘expression of wishes’ is commonly used to give guidance as to who is to receive your personal bits and pieces (your personal chattels) that are not specifically listed in your will; your will should refer to the possible existence of such a document though if you wish to use an ‘expression of wish’ in this way..
- What is a trust
- Discretionary / Reversionary / Disabled / Minor children’s trusts
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Wills and Trusts
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