A Trust Will is one of the three main types of Will that you can make. They provide an extra level of protection of your assets for the people you want to leave something to.
When is a Trust Will Used?
A Trust is a legal structure that you can include as part of your Will. They are most seen in circumstances such as:
- Where you wish to protect your estate against possible future care fees
- When you have a spouse or partner, but have children from a previous relationship
- When you wish to leave some of your estate to a vulnerable or disabled person
Types of Trust Wills
There are three types of trust Will. These are property Wills, life interest Wills, and discretionary Wills.
A property trust Will can help you if you have a property which you wish to protect for future generations. It can guarantee who benefits from your property if your surviving partner remarries after you die, or if they write a new Will after your death. It can also help reduce the potential impact of future residential care fees on a home.
Anyone who owns property with someone else can have a property trust Will. This is true whether they are married, unmarried or in a civil partnership.
A life interest trust Will can help if you have significant investments or assets as well as property which you wish to protect for future generations. It can guarantee who benefits from cash assets and investments if your partner remarries after your death, or writes a new Will after your death. It also allows you to pick a nominated person to benefit from the income generated from your investments if you die, whilst also protecting the capital value.
Anyone who holds cash assets and investments who wishes to take care of a nominated person, but also help protect the value of investments for a specific person can have a life interest trust Will.
A discretionary trust Will can help if you wish to appoint trustees to manage the inheritance of vulnerable people in your Will. It can guarantee that there is someone to help any vulnerable people manage their inheritance. It also reduces the potential risk of their inheritance compromising their state benefits.
Anyone who wishes to leave inheritance to loved ones who lack the mental or physical capacity to look after their own affairs, loved ones who have a disability and run the risk of their benefit entitlement being compromised, or loved ones who are in a vulnerable position can have a discretionary trust Will.
Trust Will Disputes
Unfortunately, there are situations where a trust Will may be disputed. This can happen when one of the trustees misinterprets the intentions of the trust, for example. If you want to challenge a Trust, then talk to The Inheritance Experts, as we may be able to help.
Here at The Inheritance Experts, we know how important it is for people to get their Will in correct order. If you are looking for advice on Wills, contact us today by filling in our contact form, or by calling us on 01614138763 to speak to one of our friendly knowledgeable advisors.