Wills, Will Trusts and Additional Trusts

Working alongside our specialist legal team we can provide you with a personal advised service for Wills, Trusts and Lasting Power of Attorney.

What does a basic Will do?

Choose who you would want your children (if under the age of 18) to live with and take over parental responsibility in the event of your death. If you don’t do this the Court decides on who they live with

Choose who you would want to administer your estate and take care of assets.

Choose who you would want to benefit from your Will.

Trusts

Without a Trust in place your estate is open to being passed onto the next generation with an Inheritance Tax liability if over the current threshold. This can be more time consuming and stressful for your trustees and beneficiaries of your estate. Putting your estate into Trust will ensure it goes to the right person at the right time.

There are a number of considerations to make for your beneficiaries:

Allowing them access to their inheritance at different stages or events of their lives rather than all in one go.

With a disability may have benefits stopped due to inheritance which is not in Trust or if the adult needs long term care a Trust will ensure the provision is there for their lifetime.

Can create a beneficiary, e.g. a child, to have to give up a percentage of their inheritance if not in a Trust as it will form part of their partnership estate.  Placing this in Trust will ensure their spouse is not entitled to their inheritance

Can mean without a Trust your children or chosen beneficiary will no longer inherit as per your wishes in your Will as this is now null and void.

Such as care home costs are taken from your estate value if this is not secured in Trust, which means your children or chose beneficiaries will no longer receive their inheritance.

Is calculated on your total estate valuation, anything in Trust is excluded from this, therefore reducing your Inheritance tax liability

Leanne is both personable and professional and she works sensitively with clients making their Wills. She was very knowledgeable and answered any questions so that we had all the necessary information to base our decisions on. Everything was carried out efficiently to make it a straightforward yet informed experience.

Mrs G, Hull

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