Family structures can be complex and stressful, so it’s important to have the type of Will in place that best reflects your circumstances and wishes. Including a trust within your Will can give you the reassurance and peace of mind that you can protect and control what happens to your assets and property after you die.

A trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of a third person. So, for example, you could put some of your savings aside in a trust for your children. Money or property held in a trust is no longer legally yours therefore it does not form part of your estate when you die. You can set up the rules of the trust so, for instance, if you leave part of your estate in trust for your children you could stipulate that they can only gain access to it upon reaching the age of 18. A will trust is any trust created by an individual’s will. It comes into effect on the testator’s death.

Trusts can perform a wide range of different functions. The following shows some of the most common family situations where trusts are often used:

• To look after your spouse/partner after you have died, whilst at the same time making sure your children’s inheritance is protected
• To provide for vulnerable family members, for example somebody who is disabled and may not be able to look after their own affairs
• To protect the inheritance of beneficiaries who are bankrupt or likely to divorce
• To protect your assets (as far as possible) from the impact of care home fees
• To minimise the burden of Inheritance Tax (IHT).

Creating a will trust may require additional expertise, for example an independent financial advisor may be consulted where investment is required or a solicitor will assist with any life time trust creation.  Wills Worldwide can guide through the process of creating a trust to manage your legacy after your death, contact us now for more information.