We are able to advise on basic Wills through to more complex ones.
The most common type of structures put into Wills are Trusts. Below are a couple of examples of the most common trusts.
A sum of money is left to your Trustees (people chosen by you in your Will) to distribute money as and when they see fit to a group of beneficiaries ( people you have chosen to inherit your estate) . This type of trust is useful in situations where you are unsure how much a person may need, particularly a dependant. Money in a discretionary trust is not taken into account on divorce, bankruptcy or means tested benefits. A letter of wishes would normally be left with the Will to give the Trustees some direction.
These Trusts usually involve a property. The property would need to be held in specified shares, as opposed to jointly. They allow a spouse to gift their share in the property to the surviving spouse for use for the remainder of their lifetime. On the death of the second spouse, the property would then go to the chosen beneficiaries.
They are often used to protect property so that it is safeguarded for the children rather than a future spouse. A further advantage of this type of trust is that it ensures that the first to die's share is not taken into account in relation to care fees whilst also enabling the surviving spouse to have a property to live in.
