Wills and Trusts

Having a Will in place is an important step in managing the family finances, one that is often overlooked by a vast majority of people today.

The most common excuses we hear for not making a Will has to do with the perception that it's something you do when you're quite elderly, or if you have great wealth. Others believe it simply doesn't matter because anything they have will be automatically passed to their immediate family anyway.

None of these points hold much truth however. One only has to watch the news to know that tragedy occurs quite randomly.

Any possession, property or amount of cash is considered an asset and those closest to you in life may consider any bequest in death a blessing or comfort. Specific instructions set out in a Will mean that your wishes are carried out. More often than not having a Will makes it far easier for any assets to be dealt with, alleviating the stress on your loved ones after your death.

Without a Will assets are divided according to the Statutory Rules of Intestacy. Many people assume that their spouse / civil partner will automatically inherit and so feel some measure of security in not having a Will. However, in many situations this does not in fact happen. Unfortunately many families have been caught out by the Statutory Rules of Intestacy, adding additional stress to an already difficult situation.

Essentially a Trust is a legal provision where one or more people, known as 'trustees', are made legally responsible for assets that have been placed in trust for one or more people known as 'beneficiaries'.

The trustees are responsible for managing the assets and carrying out the wishes of the person who placed the assets in trust, known as the 'settlor'. The settlor will have placed the assets in trust either on their death through their Will or through a Trust Deed in their lifetime.

Our team are experienced Will writers and can provide advice based on your own personal circumstances.

There are many types of Trust and each has a specific purpose depending on what you are trying to achieve.

Some of the reasons for setting up a Trust in your Will might be; to provide for a minor, to provide for someone who is disabled or unable to manage the assets themselves, for estate planning purposes, for charitable reasons or for business purposes.

We also specialise in managing Charitable Trusts, often setup through a Trust Deed during someone's lifetime but also as a legacy under the terms of their Will.

Our team can advise on what type of Trust is right for your circumstances and are happy to talk to you about what is involved in setting one up.

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