"For tomorrow belongs to the people who prepare for it today."
African proverb
Legal specialist in providing Later Life estate planning solutions and advising vulnerable clients.
Services
Will Trusts and Asset Protection
Are you sure that your loved ones will benefit from your assets when you die?
Sadly, family members often lose out due to a lack of asset protection in a simple set of wills. For example, a widowed spouse may form a relationship with a new partner. If that partner can prove a claim of dependence, it can put the inheritance of the widow’s children at risk. This common situation is known as ‘sideways disinheritance’. Will trust planning gives you control over who benefits from your assets by embedding trusts within your will.
What are will trusts and how can they provide asset protection?
A will trust is a legal obligation between trustees and beneficiaries (a trust) that has been written into a person's will to protect certain assets. Will trusts are managed by trustees appointed by the will maker (the testator). The nature of the trust depends upon its type and the assets being protected.
Will trusts can give the will maker control over what happens to their assets, such as property and investments, after they die. For example, it can enable them to provide security for a current partner or spouse while ensuring children from a previous marriage inherit their estate.
Examples of will trusts
There are several types of will trusts that can be added into a will to give the testator control over what happens to their property, investments and other assets after their death.
Right of Residency Trusts grant a named 'resident beneficiary', often a spouse, partner or dependent, the right to live in a specific property. This right can last for a specific period, limited either by time or event (e.g., should a spouse remarry). Once the right of residency ends, the property is inherited by the next set of beneficiaries, as named in the trust.
Flexible Life Interest Trusts (FLITs) enable a 'life tenant' to receive interest from any investments and properties, and live in an appointed property placed in the trust. The trustees can also have the freedom to provide loans directly to ultimate beneficiaries (remaindermen) or even to transfer trust assets into a Discretionary Trust. Property Protection Trusts are a specific type of life interest trust which guarantees the life tenant use of a property for life.
Bereaved Minor’s Trusts can be created by the will maker if they want a child or step-child to benefit from an asset upon reaching the age of 18. The asset is held upon trust until the bereaved minor reaches their majority.
Discretionary Trusts give the trustees complete control over how and when the testator's inheritance is distributed to the beneficiaries. It is often accompanied by a non-binding Letter of Wishes. This works for complex family situations.
Security for those you love
My Property Protection and Right of Residence Trust Planning services will help you to ensure your spouse or partner has a roof over their head without affecting your children's inheritance.
Minimise Inheritance Tax
The use of trust loans in certain trusts can minimise inheritance tax.
Complete flexibility over your estate
My Flexible Life Interest and Discretionary Trust Planning services are ideal for creating will trusts that meet your specific needs.
How will trusts can protect vulnerable family members
Will trusts are often used as a way of protecting vulnerable family members who may not have the mental or psychological capacity to manage their own inheritance.
For example, an adult with learning difficulties can be cared for and supported by a trust fund creating a Disabled Person’s Discretionary Will Trust.
Do you need the services of a professional trustee?
I act as a professional trustee ensuring the trust is administered properly and according to the terms of the trust.