We would always recommend that you consider the benefits of setting up a Trust as part of your Will. They are most commonly seen in the following circumstances:
You wish to protect your estate against possible care fees in the future
You have a spouse or partner but children from a previous relationship
You wish to leave some of your estate to a vulnerable or disabled person
Usually, when making a Will, you name people that you would like to receive your estate when you die, known as your Beneficiaries. However, there may be circumstances where you would prefer that your estate doesn’t go directly to the beneficiaries when you die, but rather, that it is held on behalf of those beneficiaries in a particular way. The people holding the assets on behalf of the beneficiaries are known as your Trustees. Trustees are nominated within the Will to administer the Trust on your behalf.
Types of Trust Wills We offer the following types of Trust Wills to assist in different circumstances:
Property Trust Will
A Property Trust Will, sometimes referred to as a protective property trust, can provide greater peace of mind if you own a property and wish to best protect its value for future generations.
Benefits of a Property Trust Will
Guarantees who benefits from your share of the property if your surviving partner:
Remarries after you die (marriage automatically invalidates any existing Wills)
Writes a new Will after your death, changing their original wishes
Can help reduce the potential impact of residential care fees on the property value for the benefit of future generations.
Who Can Benefit from a Property Trust Will?
Guarantees who benefits from your share of the property if your surviving partner:
Anyone who owns property with someone else, whether married, unmarried or in a civil partnership and:
Wants to protect the property value for specific loved ones in the future
Wants to protect the property value from the potential future risk of residential care fees should this be required for the surviving partner.
Flexible Life Interest Trust Wills
A Flexible Life Interest Trust Will can help if you have significant assets or investments as well as property and wish to protect their value for future generations.
Benefits of a Flexible Life Interest Trust Will
Guarantees who benefits from cash assets and investments as well as property if your surviving partner:
Remarries after your death (marriage automatically invalidates any existing Wills)
Writes a new Will after your death, changing their original wishes
Allows a nominated person to benefit from the income generated from your investments if you die, whilst protecting the capital value for future generations.
Who Can Benefit from a Flexible Life Interest Trust Will?
Anyone who holds cash assets and investments in their sole name and:
Wishes to take care of a nominated person such as a surviving spouse, but help protect the capital value of investments for specific loved ones in the future
Wants to protect the value of the investments for future generations.
Discretionary Trust Wills
A Discretionary Trust Will allows you to appoint trustees to manage inheritance on behalf of vulnerable loved ones who require assistance.
Benefits of a Discretionary Trust Will
Guarantees that vulnerable people are given assistance in the management of their inheritance
Reduces the risk of state benefit entitlements being compromised by the receipt of inheritance
Potentially helps unmarried couples with Inheritance Tax planning.
Who Can Benefit from a Discretionary Trust Will?
Anyone who wishes to leave inheritance to:
Loved ones who lack the mental or physical capacity to look after their own affairs
Loved ones who have a disability and run the risk of having their state benefit entitlements compromised by the receipt of inheritance
Beneficiaries who are in a vulnerable position. e.g. someone with learning disabilities, undergoing a divorce, struggling financially.
Cost of Setting Up a Trust Will in England & Wales
A Single Trust Will costs from £300.
Mirror Trust Wills (2 Wills for a couple) costs from £380.
Our fixed fee cost includes one of the three types of Trusts listed above.
Once we have provided you with a written quote for the agreed work to be done, that price will not change.
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