Families like businesses can vary greatly in their structure and intention. This is why it is important to have a written Will in place which appropriately reflects the nature of your family and how you wish for your estate to be distributed. By having a trust in place within your written Will you can have the peace of mind knowing that no matter what, you have full control over your assets and wealth when you’re gone.

What is a trust?

A trust is a legal arrangement, where you can leave money, property and investments in the care of a trusted guardian on behalf of a third person. This could be for example, a close friend of yours, taking care of your life savings on behalf of your children who are not yet old enough to understand or be trusted with such wealth. Anything left in a trust will no longer be considered legally yours, so it will not be part of your estate when you die – it is something separate to that entirely. In addition to that you can set up certain rules within the trust, so for example, you can leave something for your children and grant them access to it only when they are 21.

Below are some other ways in which a trust can function:

• To provide for your partner in your absence, whilst also making sure that your children have an inheritance waiting for them.
• Providing for specific vulnerable family members or friends who may be unable to look after themselves financially.
• Protecting the inheritance of family members in the event of a divorce, or who are currently bankrupt.
• Minimising any inheritance tax fees which may occur.
• Protecting your assets from things like care home fees and so on.

Creating a trust in your written Will is likely going to require third-part expertise, for example a Financial Advisor or solicitor. If you are interested in exploring this service further and would like to know more about how we can help you create a trust for managing your estate after you’re gone, please do not hesitate to get in touch with us.