Why consider setting up a Trust Will?
Deciding how you would like your property, money, and possessions distributed after your death can be challenging, especially if you need to consider protecting vulnerable beneficiaries. There is a way you can put in place flexible arrangements in your Will which apply after your death regarding the timing and amounts of money distributed to your loved ones.
Protecting vulnerable family members
You may want to help ensure the future of a family member or dependent relative who has
- Mental health issues
- Learning difficulties
- Physical disability or illness
It may be necessary to protect a loved one
- With an inability to manage money
- Who has dependency problems
- Who is easily influenced by others who may not wish the best for them
Receiving a lump sum could mean that your beneficiary’s entitlement to means-tested benefits could be significantly affected.
Reducing the responsibility of surviving family members
You may wish to pass on responsibility for protecting your vulnerable loved one to other family members without making specific arrangements in your Will. However, this could give rise to ambiguity and even conflict. Or even result in your Will being contested under the Inheritance (Provision for Family and Dependants) Act 1975.
How setting up a Trust Will can help
The answer to these challenges is to put in place a Trust Will, which can provide flexibility regarding the timing and amounts distributed to your vulnerable loved ones by Trustees.
You set out the terms of the Trust in your Will and determine who you would like to be a ‘potential beneficiary’ of that Trust.
You name the Trustees in the Will (they are often also appointed as the Executors). According to your wishes, they are the decision-makers regarding how they manage the assets and how your specified loved ones benefit, by how much, and when.
Next steps
To learn more about the benefits of Trust Wills, please contact us on 0208 568 9602 or email [email protected]
This article is for guidance only as each person’s circumstances differ. Always seek professional advice.