Will Trusts
A Property Trust or Life interest Trust
A Property Trust or Life Interest trust are very similar and can be used to provide for a partner whilst they are still alive and then have a beneficiaries inherit once they pass, they can have other advantages to and help with protecting from potential care home fees and inheritance tax.
Life Interest Trust
Protecting Spouse’s Interests: Life Interest Trusts are often used to protect the surviving spouse’s right to live in a property or receive income from trust assets while ensuring that the ultimate beneficiaries, typically children, inherit the assets eventually.
Control over Assets: The trust can specify how the assets are to be managed during the life tenant’s lifetime, providing control and flexibility over the distribution of the estate.
Care Home Fee Planning: Life Interest Trusts can be used for care home fee planning to ring-fence assets for the benefit of the surviving spouse while potentially minimising the impact of care home fees.
Property Protection Trust
Protection from Care Costs: A Property Protection Trust can help protect the family home from being sold to cover care home costs. By placing the property in trust, it may be possible to secure the surviving spouse’s right to live in the home while preserving its value for inheritance.
Inheritance Planning: This trust allows for inheritance planning, ensuring that the property eventually passes to chosen beneficiaries, such as children or other family members, while still providing for the surviving spouse.
Preventing Forced Sale: The trust can prevent the forced sale of the property in the event of the surviving spouse remarrying, ensuring that the property remains within the family bloodline.
There can be a number of reasons why this would benefit you, let our experts guide you as to what may be right for you and your circumstances and get in touch with us to book and appointment.
Disability Trusts
At The Will Place, we understand that comprehensive estate planning is about more than just distributing assets—it’s about securing a future that provides for every member of your family. If you have disabled children, a Disability Trust could be a vital component of your estate plan.
Why Establish a Disability Trust?
Financial Security:
Disabled individuals often have ongoing and specific financial needs. A Disability Trust allows you to set aside funds dedicated to the care, support, and well-being of your disabled children. This ensures they have the financial resources necessary to maintain their quality of life.
Protecting Means-Tested Benefits:
Many disabled individuals receive means-tested benefits. A properly structured Disability Trust can help protect these benefits by preventing the inherited assets from being considered in means-testing calculations. This ensures your loved ones continue to receive the support they need.
Tailored Care and Support:
A Disability Trust allows you to provide detailed instructions on how the funds should be used to meet the unique needs of your disabled children. Whether it’s for medical care, therapy, education, or enhancing their overall quality of life, the trust can be customised to address specific requirements.
Long-Term Planning:
Estate planning for disabled children involves considering their long-term care. A Disability Trust allows you to plan for a lifetime, providing a structured and secure financial foundation that ensures ongoing care, support, and quality of life.
Legal Protections:
Establishing a Disability Trust provides legal safeguards to protect the interests of your disabled loved ones. By outlining your wishes in a legally binding document, you ensure that the trust is managed according to your instructions, providing you peace of mind.
Our Will Writing Services
Will Writing
Making informed decisions is crucial, and one of the first choices you’ll face is whether to opt for a Single Will or a Mirror Will.
Will Trusts
A will trust builds in a trust of some sort within your will, this can be done as a single or mirror will but would be used under certain situations.
Lasting Power of Attorney
There are two types of lasting power of attorney this process if for England and Wales.
Will Guides
Will Jargon – Glossary of Terms
Will jargon can be overwhelming and confusing! In this will guide we aim to explain all the various terms and clearly explain some will terminology.
What to consider when making a Will
Creating a will in the UK is an important legal step to ensure that your assets are distributed according to your wishes after your death. Here are some key considerations when having your will written in the UK:
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