How does a Trust relate to my Will?
Whilst a valid up-to date Will is the cornerstone of effective Estate Planning, there are a lot of important issues, which the Will doesn’t – and in fact can’t – deal with, but which may well be of particular significance to the individual making the Will and to their family.
That is where a Lifetime Discretionary Trust can help. It can deal effectively with important issues for the particular individual, and help complete the circle of all-round and comprehensive Estate Planning.
What can a Trust do?
Among other benefits, a Trust can help you:
- Avoid the Executry process on death… and the expense delay and inconvenience involved on your Estate
- Ensure your family and loved ones inherit at the right time for them
- Make provision for beneficiaries with illness or incapacity
- Help protect assets in the event future residential care is required
- Address Inheritance Tax issues within the family
Even for those in what seem to be straightforward family situations, there are matters which, if not addressed, could be a significant problem for family members in the future.
For those with more complicated circumstances, the problems could be worse and could prove very costly for those left behind.
The good news is that most of these potential hazards can be identified and steps taken to minimise their effect. The sensible time to address these matters is when a Will is being granted. It is straightforward for the Testator to take the appropriate action now.
However, if they do what most people do – and ignore the problems on the horizon – their family will be left to try and clear up the mess, or simply lose out in terms of their inheritance. If you don’t deal with any issues now, it is highly unlikely your family will be able to do so in the future.
