Essex & Suffolk Wills Ltd, Habendum House, 1-2 High Street, Colchester, Essex. CO1 1DA
Tel: 01206 615254 Email: info@essexandsuffolkwills.co.uk
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Registered in England and Wales Company No: 06740848
Discretionary Trust – this is a widely used will trust with which your nominated trustees can use their discretion to follow your wishes in distributing your money up to 125 years after your death.
Disabled
This trust can prevent your disabled child - from having their benefits and local authority funding stopped if you leave them a large amount of money after your death.
It will allow the trusted people who you have nominated as trustees to be able to 'drip feed' the trust money to your disabled loved one to pay for luxuries, holidays and treatments etc. according to your wishes.
Loved one on benefits
This trust can be used for any loved one who is on state benefits OR who would be penalised if given a large lump sum of money. As above, your trustees can ‘drip feed’ the trust money according to your wishes.
Child who is financially well-off
If you have a child who is already well-off and you leave them a lump sum you could make their own estate liable for Inheritance Tax if they were to die. If you leave their inheritance on trust the value does not go directly to their estate and cannot be taken into account for IHT purposes.
Vulnerable person
If you would like to leave a large sum of money to protect a loved one with a drink or drug problem; or someone who is just irresponsible with money; or a loved one with a partner who you don’t want to get their hands on your money - this trust can be used. Just let your trustees know your exact wishes.
Grandchildren
You may decide that you would like to leave a sum of money on trust for your grandchildren to help towards their education and provide for their future needs.
What are Will Trusts?
Will trusts are a simple clever tool that can achieve amazing things - and give you some control of your assets for years after your death. They are merely a number of distinctly written clauses within your will giving the authority to two people whom you trust (your trustees) to carry out your future wishes. These two people are under a legal obligation to act responsibly and must work with the conditions that you place in your will.
What can Will Trusts do for me?
Protective Property Trust - a powerful trust with two BIG advantages.
1. It can possibly help to save hundreds of thousands of pounds of your estate from being taken in Care Home fees
This must be put in place as soon as possible and not be put off to the time when it is reasonably foreseeable that you are in need of care otherwise it can be said that you have taken steps to deliberately deprive your assets.
2. It can give your surviving spouse the right to live in your share of the house for their lifetime and then ensure that this share of the property will then be passed to your children. Your spouse can still have the flexibility to move house. This is an ideal trust if:
- your spouse remarries after your death because it prevents your property going to your spouse’s new spouse instead of your own children, or if
- you yourself have remarried and you want to ensure that your children from your previous relationship eventually inherits your share of the estate.
Will trusts will be explained more fully by one of our consultants at your appointment. Essex & Suffolk Wills Ltd offer an unbeatable low-priced will trust service.
In some cases severance of tenancy may be required for which there will be a charge (see Our Prices). If you would like Essex & Suffolk Wills Ltd to write your Letter of Wishes, there will be a small charge for this too.
Be warned: Many will-writers charge hundreds of pounds for each will trust - and most do not publish their prices upfront and that can be quite a shock when presented with the bill.