There is no such thing as a standard Will as everyone’s situation is different. Your Will should be tailored to your own particular circumstances.
Below is a simple explanation of our products and the circumstances in which they will be used. Of course, not every product will be suitable for you and you Will advisors guide you accordingly.
Wills
We offer a professional and personalised service, with your own fully qualified Will Writer assigned to handle your case from start to finish.
Your advisor will be available to you at any time with every advisor having a direct dial and mobile telephone number.
Single Will
Designed to help you outline who will administer your estate, be guardian to your children and administer any trust should you want specific bequests outlined.
Mirror Wills
Designed for couples with similar desires in how their estate should be administered, who shall be guardians to their children and administer any trusts should you both want specific bequests outlined.
Expression of Wishes
An addendum to your Will outlining your wishes pertaining to your pensions and any additional chattels.
Trusts
A trust is a very simple arrangement to ensure the assets you are leaving to your loved ones are looked after properly when you are gone.
A trust is created by you (The Settlor), you entrust your assets to responsible people of your choosing (The Trustee’s) for the benefit of your loved ones (The beneficiaries).
It is a common misconception that your trustee’s and your beneficiaries can’t be the same people, this is not true.
There are different trusts for different scenarios; your Will advisor will let you know which trust is suitable for you. The different trusts and their uses are listed below;
Mirror Protective Property Trust Wills
On first death your share of any property you own is passed into a trust. The Trust is set up to accept the share of the property and at the same time a Lifetime interest is created for the remaining owner of the other share of the property (normally the remaining spouse or partner) this lifetime interest allows the remaining owner to:
- Sell the property if they wish to, in conjunction with the trust
- Buy another property with the proceeds of the sale of the original property. If downsizing the surplus cash can be split with the remaining owner getting 50% of the surplus cash
- The powers of the Trust allow the remaining spouse/partner to borrow any cash in the Trust
- The property cannot be sold without the permission of the Lifetime Tenant (normally the remaining spouse/partner)
- The lifetime tenant cannot be evicted from the house for the rest of their Lives
- The ultimate beneficiaries of the Trust would normally be the children after second death
This type of trust can be very effective in several scenarios:
- Protecting the Property from being sold to fund Long term care
- For couples (married or unmarried) who have children from different relationships. Each Partner/spouse would determine who would benefit from the Protective property trust and in what shares after second death. This ensures that your children from any relationship will always inherit your share of any property held in Joint names
Discretionary Trust
Discretionary Trusts are a particularly useful tool when considering Inheritance Tax (IHT). This is particularly beneficial to unmarried couples.
The assets that would otherwise have been passed on to the surviving partner or spouse are instead placed in trust. The surviving partner can be made a beneficiary. Trustees must be appointed.
Under the terms of the Trust, the beneficiary does not have absolute entitlement to the assets and therefore cannot demand income or capital as they please.
As a result, the assets placed in trust are not treated as part of that individual’s estate for tax purposes.
A Letter of Wishes is provided alongside the Will. The letter states the express wishes of the deceased and also ensures that adequate provision is made for the surviving partner.
Flexible Life Interest Trust (FLIT)
This Trust is incorporated as part of a Will and is usually created on the death of the first spouse; this will be advantageous to couples who own their own property and have additional savings or shares that they wish to incorporate.
The trust has a number of benefits:
- This Trust can help protect your home against care fees.
- The Trust preserves assets for the nominated beneficiaries.
- The Trust protects against beneficiaries being declared bankrupt.
- The Trust can guarantee an appropriate distribution of assets where couples each have children from other relationships.
The Trust cannot be contested or challenged by potential relatives, unlike a Will. The Trust is flexible and can be changed to another type of trust should personal circumstances or changes in legislation dictate.
