Trusts and Wills
What is a Trust?
Trusts can be set up during your lifetime or in your Will provision. Most people come across Trusts in Wills, these are called Will Trusts. When there is a property put into Trust these are commonly known as Property Trusts.
Do I need a Trust in my Will?
In most Wills there is some type of Trust provision. As to whether you need a Trust depends on your own circumstances and that of your family. Listed below are some of the situations where Trusts are used:
- Assets are held in Trust for children who are under the age specified in the Will
- On a second marriage it is important to preserve assets for children of former relationships
- Trusts are needed when a beneficiary is not mentally capable of dealing with his own affairs
- Discretionary Trusts can ensure that assets are preserved for the next generation
- Particular properties can be gifted to be held on Trust for more than one beneficiary
- Trusts can be used to assist with long term Inheritance Tax planning
If you would like advice as to whether a Will Trust is necessary for you – please get in touch.