Estate Planning – would a trust benefit you?

Couples are able to shelter assets in a Will Trust so that if the survivor needs residential care, the assets held in the trust fund from the first to dies estate can not be assessed and used to pay care fees. Property is held in a Property Trust and money can be held in a Life Interest Trust.

People in second marriages are often concerned that both their new spouse and children from their first marriage should benefit from their estate. Often clients don’t want to risk the possibility of their new spouse receiving the whole of their estate and their children being disinherited. By including a trust within a Will the surviving spouse can receive a loan of the deceased property and possibly money, which will be repaid on their death or remarriage and then the children from the first marriage can inherit.

Unmarried couples can greatly benefit from the incorporation of a discretionary trust with an IOU provision in their Wills, as this will maximise their inheritance tax allowances and may therefore minimise (or eliminate) inheritance tax due on their estates.

Christie Munro Will Writers can advise whether a trust may benefit you.