Trust Wills
Trust Wills from £395
What is a Trust Will?
A trust is a legal arrangement that can be incorporated into your Will to provide enhanced asset protection for your loved ones. Such Wills are known as Trust Wills. We highly recommend considering the advantages of including a Trust in your Will. Trusts are particularly beneficial in the following situations:
- If you want to safeguard your estate from potential future care fees
- If you have a spouse or partner but also children from a previous relationship
- If you intend to leave part of your estate to someone who is vulnerable or disabled
A single Trust Will costs from £395.
Mirror Trust Wills (2 wills for a couple) cost from £695.
Our fixed fee includes one of the three types of trusts listed below. Once we have provided you with a quote for the agreed work, our price will not change.
How do Trust Wills work?
When creating a Will, you typically designate individuals who will receive your estate upon your death, known as beneficiaries. However, there might be situations where you prefer that your estate not be distributed directly to the beneficiaries. Instead, you may want it to be managed on their behalf in a specific manner.
The individuals responsible for managing and administering the assets for the beneficiaries are called Trustees. Trustees are appointed in the Will to oversee the Trust according to your wishes.
Although a Will Trust itself might not directly affect the probate process, the assets held within the trust could have an impact. The way probate is handled depends on the terms and specifics of the Will Trust.
Whether or not probate is necessary depends on the assets in the estate, regardless of whether they are included in the Will Trust.
Types of Trust Wills
We offer the following types of trust wills to assist in different circumstances:
- Property Trust Will
- Life Interest Trust Will
- Discretionary Trust Will
Property Trust Wills
A Property Trust Will, also known as a Protective Property Trust, offers enhanced protection for your property, ensuring its value is preserved for future generations.
This type of Will allows you to establish a trust within your Will to manage your property (or your share of it). You appoint trustees to oversee the trust, but you can specify that someone, typically a spouse or civil partner, has the right to benefit from the trust during their lifetime.
This arrangement means they can either reside in the property or receive rental income from it. If the trust contains cash from the sale of the property, they can receive income generated from the trust throughout their lifetime.
Benefits of a Property Trust Will
Ensures that your share of the property benefits designated individuals if your surviving spouse or civil partner:
- Remarries after your death (as marriage automatically voids existing wills)
- Creates a new will that alters their original intentions
- Helps mitigate the potential impact of residential care fees on the property’s value, preserving it for future generations
Who Can Benefit from a Property Trust Will?
- Individuals who co-own property with a spouse or civil partner and wish to:
- Safeguard the property’s value for specific loved ones
- Protect the property’s value from being diminished by residential care fees if the surviving spouse or civil partner requires care in the future
This type of will is particularly suited for those who are married or in a civil partnership. For unmarried individuals, a discretionary trust may be a more appropriate option.
Flexible Life Interest Trust Wills
A Flexible Life Interest Trust Will functions similarly to a Property Trust Will but extends the trust’s coverage to include all or part of your estate, not just your property.
This type of Will is particularly useful if you have significant assets or investments in addition to property, and you want to ensure their value is preserved for future generations.
With a Flexible Life Interest Trust Will, you can grant someone a life interest in your assets, meaning they can benefit from them during their lifetime without those assets leaving your estate. For instance, if you place your home into a life interest trust, the designated individual can live in the property for the rest of their life. After their death, the property would be distributed according to the terms of your will.
A Flexible Life Interest Trust allows you to provide for a loved one during their lifetime while preserving the value of your assets for future generations.
Benefits of a Flexible Life Interest Trust Will
Ensures that cash assets and investments, as well as property, are distributed according to your wishes if your surviving spouse or civil partner:
- Remarries after your death (as marriage automatically nullifies existing wills)
- Creates a new will that alters their initial intentions
- Helps mitigate the potential impact of residential care fees on the property’s value, preserving it for future generations
Allows a designated person to benefit from the income generated by your investments while preserving the capital for future generations.
Who Can Benefit from a Flexible Life Interest Trust Will?
A Flexible Life Interest Trust Will is suitable for individuals who:
- Hold cash assets and investments in their sole name and want to:
- Care for a nominated person, such as a surviving spouse, while ensuring the value of the assets is preserved for specific loved ones in the future
- Protect the value of their investments for future generations
Discretionary Trust Wills
A Discretionary Trust Will allows you to appoint trustees to manage inheritance on behalf of vulnerable loved ones who require assistance.
You can use a Discretionary Trust Will to place your estate, or part of it, into a trust created in your Will, to be managed by your chosen trustees. You then name the potential beneficiaries of the trust and give your trustees discretion over which of the potential beneficiaries actually receives anything from the trust, when and how.
Benefits of a Discretionary Trust Will
A discretionary trust will:
- guarantees that vulnerable people are given assistance in the management of their inheritance
- reduces the risk of state benefit entitlements being compromised by the receipt of inheritance
- potentially helps unmarried couples with Inheritance Tax planning
Who can benefit from a Discretionary Trust Will?
A discretionary trust will can benefit anyone who wishes to leave inheritance to:
- loved ones who lack the mental or physical capacity to look after their own affairs
- loved ones who have a disability and run the risk of having their state benefit entitlements compromised by the receipt of inheritance
- beneficiaries who are in a vulnerable position or who are unable to manage their own finances
What does a Will Trustee do?
A Will Trustee is responsible for managing the trust assets according to the terms specified in the Will and acting in the best interests of the trust’s beneficiaries. It’s common, though not required, for the same person to serve as both trustee and executor of the will.
Trustees have a fiduciary duty (actions taken in the best interests of another person or entity) to manage the trust in accordance with its terms and to treat all beneficiaries fairly, balancing their interests. Under the Trustee Act 2000, they are also obligated to exercise reasonable care and skill in their role.
Main Duties of a Will Trustee:
- Act Impartially: Trustees must act fairly and in the best interests of all beneficiaries.
- Exercise Care and Skill: Trustees should act with reasonable care and skill. Professional trustees, such as solicitors or accountants, are expected to meet a higher standard of care than lay trustees.
- Safeguard Assets: Identify and protect trust assets, and recover any money owed to the trust.
- Review Investments: Regularly review investments, at least annually, and seek financial advice when necessary.
- Maintain Records: Keep accurate records of trust management, which beneficiaries generally have the right to access.
- Store Documents: Safeguard all trust documents, including accounts, title deeds, share certificates, and investment records, and make them available to beneficiaries when needed.
We advise appointing at least two trustees. This ensures continuity in case one trustee is unable or unwilling to fulfill their duties. Additionally, if the trust involves property, having at least two trustees is often a legal requirement for managing the property’s ownership.
For friendly, helpful advice, call us today
Creating a Will can be straightforward and efficient with the help of a Will Writing service. Here at Haighs Wills we offer expert guidance throughout the entire process. Our specialists will assist you with every step, from outlining your wishes to finalising your Will. Our advisors will discuss your preferences, provide tailored recommendations, and ensure that your Will meets your needs and circumstances.
Call us on:
07712 328368
Helping you plan for the future
Here are 5 simple reasons to choose Haighs Wills and Estate Planning for your professionally written Will and Lasting Power of Attorney.
- Face to Face Appointments
- Fixed prices from the outset
- Appointments at your home
- Large savings on solicitor fees
- Efficient, Punctual and Reliable
“As a professional Will Writer I’m passionate about helping you make the right decisions when it comes to your Estate Planning”
It’s really important to think about the future and start planning for your family after you are gone. By making a Will you can ensure that the people you want to benefit are looked after financially and in the case of children under the age of 18, who will care for them. As well as a Will, a Lasting Power of Attorney is also invaluable. If you’re in an accident, have a stroke, or lose mental capacity, a Lasting Power of Attorney legally specifies who will make those important decisions on your behalf.
Richard Haigh
Professional Will Writer and Estate Planner
In Association with
Haighs Wills and Estate planning are independent specialists who work in association with Countrywide Tax and Trust Corporation and are supported by a team of STEP qualified practitioners.
