Prepare for the unexpected with a Will Trust
Will Trusts protect assets, add flexibility, and ensure that loved ones inherit no matter what
If you only have a basic Will, things can go wrong
Children and other beneficiaries would receive their inheritance outright, which can cause problems if:
Beneficiaries are at risk of divorce or bankruptcy
Your partner remarries, disinheriting children
Everything goes to your new spouse, disinheriting children
Beneficiary has a disability or receives means-tested benefits
You’re an unmarried couple so pay more inheritance tax
You need care, leaving next to nothing for children to inherit
Protect their inheritance with a Trust in your Will
Different Will Trusts have different uses:
- Safeguard your house with a Property Protection Trust in your Will.
- Protect all assets and provide for a surviving partner with a Flexible Life Interest Trust.
- Keep things flexible with a Discretionary Trust in your Will.
- Provide for a disabled person with a Vulnerable Person’s Trust in your Will.
For more information, download free factsheets on Property Protection Trusts, Flexible Life Interest Trusts, Discretionary Trusts and Vulnerable Persons Trusts.
The easy way to make a Will Trust in Bristol
The first meeting is free and no obligation. After that, you only pay for the documents you order.
IN-PERSON OR ONLINE
It’s your choice: we can visit you in-person in the Bristol area, or online if you’re further afield.
it won’t take long
It takes about an hour and a half to discuss your needs. Signing a Will takes a few minutes.
No hidden costs
We won’t add ourselves as executors or insist that we store your Will unless you want us to.
Three steps to making a Will Trust
BOOK AN APPOINTMENT
Pick a time and date to suit your diary.
DISCUSS YOUR WILL TRUST
Tell us your aims and circumstances.
SIGN YOUR WILL
It’s legal once it’s signed and witnessed.
Let me simplify Will Trusts for you
I know that Wills can seem confusing, especially if you throw Will Trusts into the mix.
That’s why I always start with a general chat about you and your aims. I’ll be able to tell you if a Trust in your Will suits your circumstances, and if so, what kind.
If there’s more than one suitable option I will give you the choice. You can still opt for a simple Will if you prefer (or do nothing).
I’ll give you up-to-date advice because, as a member of the Institute of Professional Willwriters (IPW), I receive regular training to keep me up to speed.
Graham Southorn, MIPW
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Great service and everything was made very quick and easy.
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Prudent estate planning involves more than Will Trusts
Lasting Power of Attorney
Help your loved ones to take care of you.
Inheritance Tax planning
Avoid inheritance tax by planning ahead.
Ensure your property goes to the right people.
How Will Trusts work
A Trust in your Will only becomes active after your death, when the Will is read.
You can have different types of Trust in your Will, all of which cater for different needs. The most common are:
Property Protection Trust in a Will
The Property Protection Trust protects your property, or your interest in it. That might be half of it if you own it jointly. On your death, your Will gives someone the right to live there for a set period – typically until they die. At the end of the Trust period, the assets pass to other people – children, for example.
By doing this, you give your spouse the benefit of living in the house without letting them inherit it outright. This avoids the risk of them getting remarried or meeting someone new in future.
Flexible Life Interest Trust in a Will
This is similar to a Property Protection Trust Will except that it protects all of your assets – your money as well as your interest in property.
This Trust gives the surviving spouse the right to income from your savings, i.e., the returns on investments. In addition, the trustees can give them cash sums from the Trust as well, making this truly flexible. It goes without saying that your choice of trustees is extremely important.
Discretionary Trust in a Will
If you need to keep things completely flexible, this type of Will is best. It is also the best choice for unmarried couples.
The idea is that everything is left in the hands of the trustees. They have absolute discretion over how to distribute your assets, although they should follow the instructions you’ve left in an accompanying “Letter of Wishes”. However, the Letter of Wishes is not legally binding and so your choice of trustees is critical.
The benefit of a Discretionary Trust is that it’s completely flexible. This allows the trustees to take account of your family circumstances, which may have changed since you made the Will.
Vulnerable Person’s Trust in a Will
The trustees of the trust can protect the funds within it and use them for the benefit of the vulnerable person.
The advantage of this over another type of Trust is that the beneficiary does not lose their means-tested benefits.
It also has a special tax treatment compared to other Trusts. However, it only qualifies if the beneficiary receives certain benefits or is incapable of managing their own finances.
Don’t put it off!