Will Writing Services
A will is one of the most important legal documents you will ever produce, and is the only way to ensure that your wishes are carried out and your estate is divided in the way that you choose.
Trusts are used either within a will or standalone to ensure your assets go where you want them to. A trust can preserve assets, reduce taxes, control the distribution of assets and keep assets within your family.
A Protective Property Trust is a very popular trust that is written into your will. Married couples may complete this to ensure on their death at least half of the property value goes to their children and not potentially a new spouse who remarries the surviving spouse. It basically ring fences half of the property value so on first death this half is protected. The surviving spouse is given a right to remain living in the property (right to occupy) or can have access to this half (life interest). The surviving spouse will never own it all. So on the death of the surviving spouse the first half will always pass down to the beneficiaries the first deceased spouse wanted.
A Flexible Life Interest Trust is also a trust written into a will. This trust gives the flexibility to utilise allowances and work towards mitigating inheritance tax. The surviving spouse has full interest in the assets held in the trust of the first deceased’s estate and the objective of this trust is to ensure the surviving spouse is only taking what they need. So on the death of both spouses the overall estate should fall below the inheritance tax allowances.
A Vulnerable Person Trust (disabled) and Addiction Trusts are written into a will. They are primarily discretionary trusts however with a particular person in mind. The named beneficiary during their lifetime is to receive at least half of the total trust fund if not it all. You would be asked to name substitute beneficiaries in the event of death of the vulnerable person or addict. These trusts are to ensure the vulnerable person or addict are protected and the trustees would control what they got and when.
A Discretionary Trust can be either written into your will or be stand alone. This trust is primarily used in cases whereby a “pot of money” is held by the Trustees for various potential beneficiaries. Along with a letter of wishes you would have written this will help guide your beneficiaries as to who is to receive what when.