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.