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Wills and Trusts

There are three things we all should think about making, a Will, a Trust and a Lasting Power of Attorney.

We don’t have to make any of these, it’s our choice. If we choose not to them it can become

  • More expensive to manage our assets
  • We may have to pay more inheritance tax
  • Harder for someone to make decisions for us

Wills

Making a will lets you choose what you would like to happen to your assets

  • Sets out who I want to leave my assets to
  • Provides for inheritance tax management
  • I can make gifts to charities
  • Helps avoid family squabble

Statutory Wills

If someone cannot make a regular will, because they lack sufficient mental capacity or they choose not to and lose mental capacity a statutory will can be created for them. These are more complex than drafting a regular will and involve the court confirming that the drafted will meets that persons needs.

Craybeck Law will draft a Statutory will if needed.

Whats does a will look like?

Trusts

Trust created by declaration of trust, known as a trust deed. The trustees to hold the property or assets on behalf of somebody else, this is the beneficiary. When the trust comes to an end at a specified time, the beneficiaries are paid the money from the trust.

Making a trust allows you to manage money and assets for your family, friends and for inheritance tax purposes.

Why Make a Trust

  • Protects assets
  • Protection for beneficiaries
  • Retaining control over assets and beneficiaries under the trust’s terms and conditions
  • Saving tax
  • Treating income and capital of a gift in different ways
  • Helping to avoid costly probate
  • Potential to minimise Care Home Fees

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