What is a Will Trust?
A Will Trust, also known as a testamentary Trust, is created as a part of your Will and protects any property or assets on behalf of a chosen beneficiary or Trustee. A Will Trust allows you to have more control over what happens to your property and assets after you die.
A Trust can safeguard chosen assets and make sure that they go to the beneficiary of your choice. Your chosen Trustee can benefit from an asset without legally owning it and being responsible for any debts or third party payments. It also allows you to split the benefits of your assets between Trustees, helping to avoid any disputes.
A Will Trust adds an extra layer of protection to your assets and allows you to make sure that the people you choose benefit from your assets like you want them to.
For initial legal advice get in touch with our Wills and Trusts Solicitors.
What Kinds of Will Trusts are There?
There are different types of Will Trusts that do different things. You can choose the best kind of Will Trust for you by answering:
- Who do you want your beneficiaries to be?
- What are you looking to achieve?
- How complex your Estate and assets are
- How the Trust will affect the other aspects of your Will
You can arrange a Will Trust to work to your benefit and protect your assets how you wish.
The most common kinds of Will Trusts that are set up are:
- A Property Will Trust – Protects your property value for your beneficiaries or children to inherit
- A Life Interest Trust – Allows a chosen beneficiary known as the “Life Tenant” to benefit from the assets during their lifetime without being the legal owner of the assets. This type of Trust can therefore protect your assets from being used to pay for care home costs if the beneficiary was to go into care after you die.
- A Discretionary Will Trust – Allows your chosen beneficiaries to manage the Trust at their discretion. If you are unsure of exactly how you would like to distribute your assets, this type of Will Trust allows you to pass that responsibility to the named Trustees
How to Set Up a Will Trust
Speak to one of our Wills and Trusts Solicitors about making a Will Trust. They can advise you on the best kind of Will Trust to suit your needs. Every person and every Will is different and it’s important that your Will is a reflection of your wishes and is created to be the most beneficial to the people you love most.
How Long Does a Will Trust Last?
It all depends on how you want it to work. Your Will and any Will Trusts are put in place to work for you, so it can last until your Trustees are a certain age or for the duration of your chosen beneficiaries lifetime.
For example, you could pass your share of your marital home to a Life Interest Trust allowing your spouse to benefit from the property during their lifetime. But, if your spouse passes away, your children from a previous marriage will inherit your share of the home.
Will Trusts are designed to offer more flexible options when making a Will. With the right Will Trust in place, you can be sure that the right people benefit from your assets and Estate after you’re gone.
Who Can be a Beneficiary?
Anyone can be a beneficiary, even people who haven’t been born yet. You can choose anyone to benefit from your Will, including:
- Your children
- Your grandchildren (or future grandchildren) or any descendants
- A chosen charity
- Any organisation or company of your choice
How Simpson Millar Can Help You
One of our Wills and Trusts Solicitors can talk through what you want your Will Trust to do and advise you on the best course of action. With our experience, we understand how complex and complicated making a Will can appear to be. But we’ll make the process as quick and easy as possible for you.
For free legal advice call our Wills and Trusts Solicitors
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