WHAT IS A WILL TRUST?
Making a will is an essential part of protecting your assets for those you leave behind. And if you have dependants, your will could be used to set out what your wishes are for them in the event of your death, including naming those you wish to care for them.
Dealing with your will is all too easy to put off. Fears of being morbid or feeling like there isn’t much to leave behind, mean all too often people do not make a will. However, if you pass away without a will, your assets will be distributed in a way defined by law – a way which might not be in line with your wishes.
In most instances, creating a will is easy to do and takes relatively little time.
What you choose to include in your will is entirely up to you, and your solicitor will be able to advise you further.
One thing some people include is a trust. The key benefit of including a trust within your will is that it offers added asset protection for those you leave behind.
Through a will trust you can:
- protect your estate against potential future care fees
- leave assets to a vulnerable or disabled person
- ensure children from a previous relationship inherit even if you have a new spouse/partner.
There are different types of trust wills which can be used, depending on your particular circumstances. These include:
- Property trust wills
Used to protect a property’s value for the future.
- Interest trust wills
Assets are held for a beneficiary, providing an income if necessary, upon their death, any remaining assets are passed to another.
- Discretionary trust wills
Assets are distributed at the trustees’ discretion who give inheritance depending on the situation.