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Trust and Protect

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Protect Your Family

Why Have A Will?

A Will is important to get right; it puts you in control of your family’s future.

Most people want their assets to pass to family on their death, and a Will ensures the family’s wealth goes to the right person at the right time.

 

You May Need More Than A Basic Will

 

Making a Will is imperative in these uncertain times.  In the following text,  I’ll show you how a “Flexible Will”  can steer your family’s path to long-term financial security.

A basic Will is fine for many… it does a job but has limitations.  A Trust is an ingredient that can give a Will an edge, as it makes a Will much more flexible. After all, you don’t know what the financial and personal position will be of the people you want to benefit on your death, and in the years that follow.

Let me give you some examples of how flexibility in your Will can be invaluable, how events might unravel in two parallel universes. One created with a Basic Will and the other that includes a Trust within the Will.

Long Term Care

A couple with children make Basic Wills, leaving everything to each other and then to the children. The first of the couple dies; the survivor subsequently falls ill and enters a Care Home.  As the survivor owns the whole estate, the Local Authority has access to the whole estate to fund Long-Term-Care costs.

Whereas, in our parallel universe that used a Will Trust – When one of them dies their estate is held in Trust and the survivor has the use of the Trust’s assets. In this way, the survivor’s financial strength is not diminished.  Then, when the survivor subsequently falls ill and enters a Care Home only their own part the estate is assessed by the Local Authority and used to fund Long-Term-Care costs.

Protect Family Wealth

A daughter inherits her parents’ estate but when she divorced two years later her estate, including the inheritance, is shared with her ex-husband.

Whereas, in our parallel universe using a Will Trust, when the daughter’s marriage fails the inheritance was largely protected in a family’ Trust. Her estate, excluding the inheritance, is shared with her ex-husband.

Prevent Sideways Disinheritance

A couple with a young family make Basic Wills, effectively leaving everything to each other and then to the children.  One of them dies and the survivor re-marries, and then dies without making a new Will; the children’s inheritance passed to the new family, leaving the children of the original family with nothing.

Whereas, in our parallel universe that used a Will Trust – One of them dies, their estate is held in Trust and the survivor has the use of the Trust’s assets. In this way, the survivor’s financial strength is not diminished.  And on their subsequent death, the original family’s children as the intended beneficiaries have access to the Trust’s assets.

Tax Planning Opportunities

A son inherits his parents’ estate, which is used to help fund his children’s university fees.

Now, using a Will Trust the inheritance was invested free from taxation. Then when the university’ funds were required, the investments were assigned to the children at university, using their income tax allowances, therefore free from tax.

IHT Planning Opportunities

A son inherits his parents’ estate.  The son’s estate is now greater than the Inheritance Tax threshold.  When the son dies any amount greater than the IHT threshold, would be taxed at 40%. 

Now, in our parallel universe, the inheritance would be held in Trust.  So, when the son dies the Trust fund would not be in his estate and therefore not chargeable to Inheritance Tax.

Vulnerable Beneficiary’s Inheritance

In this example, parents want to support their vulnerable son, who has made some poor business decisions in the past. They believe that any amount inherited by their son might be frittered away, or even claimed by creditors.

In our parallel universe, the inheritance would be held in Trust, with the son being a potential beneficiary.  Trustees appointed by the parents would be available to help and guide their son’s business decisions. If their fears materialise and their son’s business fails, a potential beneficiary’s assets within a Trust would not be taken into account by creditors.

Online Will & Trust Service!

  • Complete the Enquiry Form below, Today!
  • We will then have a no-nonsense conversation, focused on providing you with the critical information you need to make an informed decision about your Will, including any Estate Planning opportunities.
  • You will be under no obligation to go ahead with any plans. After our conversation, however, you will have a clear understanding of the advantages of arranging your family’s affairs with a Will, or a Will Trust!

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