Request Your Wishes Are Carried Out and The People You Love Receive The Inheritance You Leave
Imagine if your hard-earned possessions were given to people you never intended to receive them. Neglecting to create a Will can have far-reaching consequences, both emotionally and financially. Unfortunately, without a Will, your voice becomes silent, and the laws of intestacy take over. Suddenly, your assets are distributed according to a predetermined order, which may not reflect your true intentions. Loved ones may be left out, or your carefully planned legacies may crumble.
In this thrilling blog, you'll receive great legal advice whilst we delve into the vital importance of having a Will and uncover the chaos that ensues when one is absent.
Table of Contents
Why and How To Write a Will |
What You Should Never Put In Your Will (UK) |
What Is A Will Trust |
Why It's Important to Create a Will Trust |
​The Benefits of a Trust In A Will |
​Which Type Of Trust Is Best For You? |
​Frequently Asked Questions |
​In Conclusion |
You worked hard throughout your life, accumulating assets, raising a beautiful family, and cherishing precious memories, but what happens when you're no longer here to guide them?
What Is A Will and How To Write a Will
A Will is a legal document that allows you to express your wishes regarding the distribution of your assets and the care of your loved ones after your death. In the UK, having a valid Will is essential to ensure that your estate is handled according to your preferences. Without this powerful document, chaos can ensue. The emotional toll becomes unbearable, turning grief into bitterness, but it doesn't end there. Delays and mounting administrative costs drain your estate, legal battles commence, devouring valuable resources that should have been preserved for your loved ones. The absence of a Will makes the probate process a treacherous journey. A Will helps to avoid;
Family Feuds
Unintended Beneficiaries
Financial Devastation
Emotional Turmoil
Unintended Guardianship of Children
But fear not, for there is a way to regain control. With a Will, you can leave specific gifts to loved ones or support cherished organizations close to your heart. No more leaving it up to chance! A Will puts your wishes in writing, giving instructions so your assets find their rightful place and harmony prevails among your family. As long as life goes to plan and nothing happens where governing bodies try to take from your estate or disinheritance occurs, your wishes will be granted.
What You Should Never Put In Your Will (UK)
Below are five things you should never put in a will:
Debts: A will is not the place to specify who should pay your outstanding debts.
Funeral Instructions: While you can express your wishes, funerals happen before a will is read.
Conditions on Gifts: Avoid complex conditions that could make inheritance challenging.
Jointly Owned Property: You can't Will away property you don't solely own.
Illegal Requests: Wills cannot enforce or endorse illegal activities or requests.
What Is A Will Trust
A Will Trust is a legal arrangement created within your will that allows you to specify how your assets will be managed and distributed after your passing. It provides a structured way to safeguard your assets and control their distribution, often with conditions or instructions. Will Trusts can serve various purposes, from protecting assets for minors or vulnerable beneficiaries to minimizing inheritance tax liabilities.
Legal Help Services Limited can determine the most suitable type of Will Trust for your specific needs.
Why It's Important to Create a Will Trust
A Will Trust holds assets on behalf of beneficiaries, granting control to designated trustees. By placing our assets in a trust, we protect them from the probate process and Inheritance tax implications, which can be costly and time-consuming. Moreover, it offers privacy, as trusts are not made public, unlike wills. Additionally, a trust can ensure the smooth transfer of assets to your beneficiaries, without the need for court intervention, which can be a lengthy and expensive process.
The Benefits of a Trust In A Will
Once you've passed away a Trust in a Will safeguards your assets with an impenetrable shield and protects from:
Creditors - Protects your assets from potential creditor claims
Lawsuits - Protect your hard-earned assets from potential risks
HMRC Taxes - Minimizes taxes by implementing strategic tax planning strategies
Family Conflicts - Your wishes and instructions in a trust are clearly outlining
Mental Incapacity - They allow for the seamless management and distribution of assets
The Probate Process - Avoids the probate process
Divorce Proceedings - Assets held in a trust shield from division and potential claims
Long-Term Care Costs - No depleted of assets (home) to cover long-term care expenses
Unintended Beneficiaries - assets are not subject to default rules
Your Assets From Becoming Public Knowledge - Provides greater privacy as its contents and distribution remain confidential, unlike a Will
Will Trusts ensure that your wealth remains intact and secure for future generations.
Which Type Of Trust Is Best For You?
This ingenious legal instrument allows parents or guardians to set aside assets, money, or property exclusively for the benefit of their children. It ensures that these assets are safeguarded until the child reaches a specified age or life milestone, shielding them from unexpected financial challenges. A Trust for Child thus becomes a powerful vehicle to provide a firm foundation, granting children a head start in their journey toward financial independence and prosperity.
A Discretionary Trust is a type of Trust that give a person you can rely on discretion over how to distribute assets to beneficiaries. It protects your money from things like benefits, taxes and bad decisions, only releases it to the right people at the right time. It is the perfect option for vulnerable or disabled beneficiaries
Without a Discretionary Trust, family assets could be vulnerable to creditors or be distributed in ways that do not align with your wishes.
The Property Protection Trust (perfect for blendid families) allows you to pass 50% of your property down to your intended beneficiaries, whilst ensuring the surviving partner can remain living in the property. This strategic estate planning tool allows you to safeguard your property, ensuring it goes to the right people. A Property Protection Trust reduces the risk of being claimed by unforeseen financial threats. It's a proactive step, offering peace of mind and allowing your loved ones to inherit without the hassles of probate or potential claims
A Family Protection Will is a legal document that safeguards your family's financial future if the unexpected happens. It ensures that your loved ones receive an inheritance, even if it means overriding the usual rules of inheritance. It offers peace of mind and protection against financial turmoil, ensuring that your family's financial needs are taken care of even when you're not there to do so. It is constructed with three (3) types of Trust's in one Will (Trust for child, Property Protection Trust, Discretionary Trust) and minimizing care home fee's by 50%.
Legal Help Services Limited can advise you on the best Will Trust for you and your family. Contact us today to protect your legacy and future generations.
Frequently Asked Questions
What is a Trust and How do Trust Work?
A Will Trust is a private legal arrangement added to your Will, in which the ownership of your assets are transferred into a private fund. This private fund is then held and managed by you, family members or group of individuals. ​This means your assets have been taken out of your name and consolidated into the Trust, which you still maintain full control of.
Who is the Settlor of a Trust?
Can a Trustee Be a Beneficiary?
In Conclusion
At Legal Help Services Limited, we understand the importance of protecting your assets and planning for the future. That's why we offer a comprehensive Will and Trust Writing Service. Our experienced staff will guide you through the process of creating a trust, estate plan, and will, ensuring that your wishes are honored and your assets are protected for future generations. Don't wait until it's too late. Contact Legal Help Services Limited today and take the first step towards protecting your assets and ensuring your wishes are honored.