A basic will is often not enough. With professional planning advice you can add a range of Will Trusts to your Will in order to protect those people you care about.
We are able to talk you through your options based on your individual circumstances.
Some examples of Will Trusts include:
Right to Occupy Trust
A right to occupy enables someone to remain in a property even though it's being left to other beneficiaries. This could be anything from a child still living at home, or a new partner not being made homeless. The Trust can be written to protect those people for certain periods, or come to end due to events such as remarriage to cohabitation.
Discretionary Will Trust
A Discretionary Trust is created on death to hold the beneficiaries inheritance. This can protect vulnerable or disabled beneficiaries. They can also prevent an inheritance being lost to the beneficiaries divorce, bankruptcy or IHT issues.
(Flexible) Life Interest Trust
Life Interest Trusts are used to hold beneficiaries inheritance but gives a 'life interest' or income to another person. Quite commonly new partners are not to inherit over children, but they may still need an income or house to live in during their lifetime. With the correct advice, these trusts can also save a huge amount of inheritance tax being paid by beneficiaries.