Latest article for Inspire Magazine - Wills and Trusts as part of Estate Planning
While the word Estate may evoke images of a sprawling country house
and grounds, or millionaires and their yachts, this is a misconception. Everybody
has an estate. Whether it is your home, car, other property, savings, investments, personal possessions, we all have one rule we cannot avoid – you cannot take it with you when you die.
You probably want to make sure your estate goes to family, friends or organisations you support, known as Beneficiaries and wish to leave instructions to action this. This is estate planning.
Estate Planning and Trusts
Why setting one up would help you and your family
Anticipating, planning and arranging, during a person’s life, how you would like to protect and preserve your assets for loved ones.
A correctly drafted Will could protect your children’s inheritance from future events such as re-marriage after the death of a spouse or care fees in later life.
A Trust is often an essential part of Estate Planning.
Lifetime Trusts are made between the Settlor and the Trustees and are used to hold assets for one or more Beneficiaries. As the name suggests, this type of Trust is active during the lifetime of the person making it. A simpler form of Trust is known as a Will Trust which comes into effect with the passing of the Testator.
Five common reasons why you may need a Trust in your Will are:
You have children under the age of 18.
You have children from previous relationships and you want to ensure they receive an inheritance.
You have a child with a disability or a vulnerable adult as a beneficiary.
You are concerned about care fees in later life.
The possibility of a remarriage after the death of a spouse.
Nobody likes to think about death but you have worked hard all your life to provide the best for your family.
Making sure you consider their future once you have gone ensures your life’s work is appreciated and not gone to waste. There is also the peace of mind knowing that your Beneficiaries are protected and taken care of if the unforeseeable happens.
With any Estate Planning of any size or nature, considering the legal implications of making sure your wishes are carried out to the letter, there is only one common rule – speak to an expert!
Covering all of Hertfordshire and adjoining counties, our aim is to give a tailored service addressing the individual needs of our clients.