Wills and Trusts
A Will is a powerful legal document used for effectively passing on a persons estate on death. However, there are many reasons a person would make a Will.
For example, a parent might make a Will simply for the purpose of appointing guardians for children under 18. Doing this can avoid foster care. For many parents this is more important than the distribution itself.
One of the most popular uses for a Will is to safeguard assets for family after death. When a person inherits that legacy is theirs absolutely. This can put that legacy at risk of misuse, being used to pay for care fees or not being passed further down the way you would have chosen. For example, to a new spouse who then disinherits their step-children.
A Will typically covers these main points. Who you wish to execute your Will (Executors). Who you wish to look after any children (Guardians). And who you wish to benefit from your estate and when.
You would usually include other information like funeral wishes and organ donation requests. You may also exclude people who may have otherwise been entitled. Moneybox Wills and Trusts offer a complimentary advice service to answer any questions and help you to make the most out of your will.
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Property Protection Trusts
Property Protection Trusts are a simple and affordable way to pass on your share of the home to the next generation.
Many people believe that their home should pass to their children on death and not be used to pay for care fees or be at risk of the surviving spouse getting remarried.
By using a Trust in your Will for your share of the property, you can protect half, or all of your home should the surviving spouse need long term care or remarry in the future.
By changing the ownership to tenants in common, each person is able to leave their part to whoever they wish in the Will.
You may choose to leave that directly to children or to them via a trust. That portion then can not be used to fund any care fees later in life or be passed to a subsequent spouse.
The use of a “life interest” or “interest in possession” trust protects your share of the home for the lifetime of the survivor. This means that children or other outside forces can not put pressure on the survivor to move out of the property in order to realise their inheritance.
Discretionary Trusts
A very powerful way to control the way a beneficiary inherits. Commonly used for disabled beneficiaries, people with mental health problems or addictions.
A legacy left directly to a person can not be controlled once it is theirs. The use of a Trust is the only way to protect or provide for a vulnerable person appropriately.
Discretionary trusts have various uses and benefits depending on the purpose for which it has been created.
When used to support a disabled person, a trust is required to manage a legacy on their behalf. This enables a person to benefit from the legacy without their means tested benefits being affected.
Trustees control a legacy for a family member who suffers with Drug or alcohol misuse. This can enable that person to benefit without putting themselves at risk of further harm.
As the trust is “discretionary”, your trustees have the flexibility to act and distribute the trust fund in the most enriching way. Moneybox Wills and Trusts offer a complimentary advice service to answer any questions and help you to make the most out of your will.
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