This is an instrument by which you determine who gets your estate. It can be in many formats from written documents to videos. It is basically your instructions as to how you would like your belongings, property and other artefacts to be distributed to your intended beneficiaries in the unfortunate, but certain, event of your death.
This falsehood of ‘I do not need a Will as everything will go to my wife’, well many have become unstuck with that. A Will is just as important to ensure you do not have any unwanted beneficiaries.
The majority of Wills are in written format witnessed by someone independent like a solicitor. The independent witness helps confirm you were of sane mind at the time of writing the Will and the fact it was indeed you who prepared it.
The Will does not have to be costly or complicated, so long as it is clear. As always get professional advice.
Trusts
A Trust is a way of managing your assets. There are various types of trusts which can be used depending on the purpose. Trusts can be used to protect and control family assets.
A Trust will have a :
And yes the settlor can also be the beneficiary! It just means the trust and the trustees manage the asset. For example a settlor may place his property in trust for the benefit of his children after his death but the settlor himself resides in that property until his death.
Again seek professional help. Will & Trusts are also key in helping to mitigate potential inheritance tax your loved ones will need to pay! And remember life assurance and other such protection is also an asset and should be correctly structured and Trusts utilised. Want to know more about Protection? Click Here
Wills & Trusts are not regulated by the Financial Conduct Authority