Will Trusts

There are two different kinds of Trusts Wills, and they are summarised below. Click the Read more... link for further details and FAQs on each.

Life Interest Trust

A “Life Interest Trust” Will is a Will designed to help protect your property from being lost on the remarriage of the surviving partner or to an assessment to long term care fees and aims to prevent a share of the property passing to other beneficiaries other than those you would want to benefit.

The half share of the family home belonging to the first person to die, passes into the trust on their death. This type of Trust provides the surviving partner with a life interest  in the property, which means that they can live in the share of the house in the trust during his/her lifetime, and on their death, the trust fund passes to the beneficiaries specified in the first deceased’s partner’s Will.

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Discretionary Trusts

By including a Discretionary Trust in your Will, can ensure that not only any provision you want to make to a financially vulnerable beneficiary will be used to enhance their way of life, but will also at the same time ensure that other members of your family or other beneficiaries will also benefit.

By setting up a Discretionary Trust in your Will, the future security of any beneficiary who is unable to look after their own affairs is protected. This Trust will be managed by the Trustees that you have appointed in your Will, and as a Discretionary Trust is flexible, it places the decisions with your Trustees over which of your beneficiaries will benefit, when they will benefit, and how they will benefit.

There are a number of reasons why  you may wish to include a Discretionary Trust in your Will, these may include, but are not limited to the following instances: If you are intending to benefit a person who may be financially vulnerable whether because of a disability, entitlement to means tested benefits, being at risk of divorce or bankruptcy, or simply irresponsible for money. If you are intending to benefit a person who is wealthy in their own right and are concerned of increasing their estate for inheritance tax purposes.

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