Will Trusts are legal instruments that modify the ownership of property or capital and appoint Trustees and Beneficiaries for said property or capital.
Not all Trusts work in the same way, and some Trusts require specific criteria to be met before they can be used. It is important to know whether your circumstances require a Will Trust, and if so, how best to utilise them to solidify your estate planning.
Our professional Will writers are on hand to talk you through your options so that you are confident in moving forward with a Will Trust.
- Minors Will Trusts
(Minors “children” are prevented from owning property or legacies in their own name until they attain the age of 18 this Trust holds the child’s inheritance until they are of requisite age)
- Life Interest Will Trust
(A Trust drafted into a Will to allow a surviving spouse or chosen person “The Life Tenant” the entitlement to capital or all income during their lifetime and or the right to occupy the property of as long as they wish. Ensuring that the capital and or the property then passes to the intended beneficiaries “The Remaindermen” on the death of the” Life Tenant”).
- Discretionary Will Trust
(A Trust drafted into a Will which gives discretionary power to the Trustees on how and when to allocate the funds of the Trust).
- Disabled &Vulnerable Persons Will Trust
(A Trust Drafted into a Will to hold property on Trust for disabled beneficiaries).
- Nil Rate Band Discretionary Will Trust & IOU Provision
(A Trust Drafted into a Will for unmarried couples to enable the survivor to use their partners inheritance tax allowance).
It is important that you are aware of any Trusts you are a party to when estate planning, so please have access to copies of any Will Trusts/lifetime Trust documents when talking to our advisors. It is also pertinent to note that Will Trusts take effect on the death of the testator, as such if a Will is destroyed or invalidated, the Will Trust won’t take effect.
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