A will trust can be incredibly useful in protecting your valuable assets and making sure your loved ones are provided for in future. Depending upon your circumstances, there are different types of will trusts that can help – speak to our specialist will trust solicitors to learn more today.
A will trust is an arrangement laid out as part of your will, which grants named trustees control over some of your assets on behalf of others, known as beneficiaries. Within the arrangement, you can specifically state what the trust provides for each beneficiary, or you could set out guidelines and allow trustees the discretion over how and when to distribute funds.
The trustees have both a general duty of care and a fiduciary duty of care and as such you should choose your trustees carefully. You can also appoint a professional trustee, such as Slater & Gordon Trust Corporation Limited. This could be instead of, or in conjunction with, another trustee, and can be useful if you wish to appoint a legal representative with no ties to your estate.
Who can be beneficiaries of a will trust?
Simply put, anyone can be a beneficiary of a will trust, even if they haven’t been born yet. It is entirely up to you who benefits from the trust you set up, though you’ll need to be as specific as you can when you draft the arrangement. For example, you could state:
The name of an individual
A particular group of people, such as your grandchildren
A charity or other named organisation (such as a club or company)
What are the different types of will trusts?
There are several different types of will trusts which may form part of your will. They could include:
Life interest trusts, where a beneficiary may live in a property owned by the trust, or receive income from it.
Flexible life interest trusts, where trustees are given power to take capital from the trust during their lifetime.
Discretionary trusts which can be more flexible by allowing appointed Trustees to manage your estate and decide who to distribute it out to and when.
Bereaved minor trusts can be set up for the child to inherit only when they turn 18, and similarly an 18-25 trust delays the age a child can inherit.
Which trust you choose will depend upon your personal circumstances and how you wish your estate to be managed after your death. Our expert solicitors can help you to identify which type of will trust is most suited to your needs and goals.
There are many reasons and advantages for setting up a will trust as follows:
To provide future security for family and future generations, We would recommend a combination of financial planning, lifetime giving and gifts on death be considered in order to mitigate tax both for the individual concerned, and potentially for future generations.
With a will trust you can provide financial care for your children or grandchildren, if they are not yet over 18, and can stipulate if you wish your children to receive their inheritance at a certain age e.g 21,25 or older.
If you create a will trust you set up all the conditions now, but the trust is only activated after you have passed away.
How can Slater and Gordon’s will trust solicitors help?
Trusts are a complex subject and the timing, wording and other circumstances can be very important when setting up a will trust. We strongly advise working with an expert solicitor when setting one up, as they can help with the following:
Which type of trust is best for you
Which conditions you should include
If you can save taxes with your trust
Ensuring your trust does not conflict with your will
Our will trust solicitors have the experience to help you consider all of the implications and sensitivities that surround the creation of wills trust.
Very pleased with the service I received from Slater and Gordon. All actions required were carried out in a sympathetic and efficient manner. Clarification of requirements were indicated in a clear and precise detail with good communication.
Mr S, Lancashire (wills, trusts & probate case)
My lawyer was very helpful at all stages of the process. She explained things clearly and was very flexible and helpful in dealing with my challenging personal circumstances. I would highly recommend.
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I am thrilled with how fast my Grant of Probate was dealt with and how lovely everyone was. I would highly recommend their services.
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We're able to offer affordable expert legal advice and can provide guidance on all aspects of wills and trusts. We can provide you with practical, affordable advice on your situation at the outset giving you clear guidance and options on your next steps.
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We understand that all situations differ - it’s not always a one size fits all - so we are able to provide tailored advice and guidance to suit your individual needs.
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Contradictory instructions will cause confusion. If you have a trust and a will, we advise you to have both documents checked by a solicitor to ensure they are not contradictory.
If you're a beneficiary or an executor and are faced with contradictory instructions, we advise you to consult a solicitor specialised in will and trusts.
When should a will trust be set up?
A will trust needs to be set up and written into your will so that it takes effect after you die. There is usually a waiting period between the date you pass away and when the trust begins called the period of administration. It is common for this to take several months, though for more complex trusts, it can be years.
Can a trustee also be a beneficiary in a will trust?
Yes. However, it is strongly recommended that at least one trustee named in the will trust is not a beneficiary, particularly if you are planning to leave the specifics of certain decisions to your trustees’ discretion. This is because a trustee who is also a beneficiary may be bias toward a certain outcome, and it can be useful in ensuring your wishes are followed to ensure there is a trustee without a vested interest.
Very pleased with the service I received from Slater and Gordon. All actions required were carried out in a sympathetic and efficient manner. Clarification of requirements were indicated in a clear and precise detail with good communication. Mr S, Lancashire (wills, trusts & probate case)
My lawyer was very helpful at all stages of the process. She explained things clearly and was very flexible and helpful in dealing with my challenging personal circumstances. I would highly recommend. Ms G, Lancashire (wills, trusts & probate case)
I am thrilled with how fast my Grant of Probate was dealt with and how lovely everyone was. I would highly recommend their services. Mrs E, Manchester (wills, trusts & probate case)