Discretionary Trusts

Online Will Writing Blog Article
Family Home
Table of Contents
    Add a header to begin generating the table of contents

    Question – Why use Discretionary Trusts in your Wills?

    Answer – Why wouldn’t you?

    If you leave an asset, a percentage of your estate or your entire estate to someone directly, they could lose it the next day in many ways. In the society we live in there’s lots of ways of becoming poor, and, subsequently, becoming wealthy is difficult and for many people it’s taken a lifetime for them to accumulate their wealth. So it stands to reason that they don’t want to lose it and they don’t want their children to lose it either. Wealth can be lost to pay for care in later life, creditors and bankruptcy can take it, new spouses on the scene can obtain it through re-written wills and the taxman can take it, he may take some on your death and if you add it to your children’s own estate the taxman may take more when they eventually die too.

    Protecting the family home with asset protection trusts

    How can this be prevented? Simply by leaving assets and/or your estate in trust in your wills, a Discretionary Trust can allow your loved ones to continue to benefit from your estate but it removes the risk of them losing it for any reason. It doesn’t have to prevent them from spending your money but protects it from being taken.

    How can Discretionary Trusts do this?

    A – Cost of Care – Trusts remove some of the estate on first death

    B – Creditors/Bankruptcy – Trusts remove the risk of losing the whole estate in such a situation, not only for the surviving spouse but also for your daughters and future generations (for 125 years)

    C – Marriage after death – Trusts prevent any new spouse from getting your assets after first death, that inheritance will end up with your daughters and their future generations. (for 125 years)

    D – Generational IHT – Trusts will ensure that any inheritance that you pass to your daughters will not increase their own existing IHT problem if they have one, it will remain outside their estate and the estate’s of future generations (for 125 years)

    E – Divorce – Trusts will prevent your legacy being used in any future divorce calculations for either your surviving spouse, your daughters or future generations

    If you’ve read this and feel that your estate and your spouse and children would benefit from this type of Estate Planning then you really need to give me a call on 01305 774786.

    I look forward to helping you and your loved ones.

    Share this post

    Matt Walkden Will Writer

    About Matt Walkden

    I am a Professional Will Writer and I offer a small number of other products that complement my Will Writing such as Lasting Power of Attorneys (LPA’s), Fixed Price Estate Administration, often called Probate and some Property Products such as changing a family home from Joint owners to Tenants in Common.

    Contact An Expert Today

    Pay by Card or PayPal

    Read why over 13,000 people have written a will with us...

    As well as the many hundreds of times our clients recommend us to their friends and families, please read what some of them have written to us and said…

    “They really do cover everything thoroughly and provide comprehensive supporting information with friendly and empathetic telephone support, during what could be for some people, a traumatic process. I am so pleased thatI found them whilst doing a lot of research online and I can now rest assured that my legacy is in safe hands.”
    Mrs R. Dow, Cornwall
    “I’m very impressed with the service that your company has offered and how quick and hassle free the process has been. I will definitely recommend your service to my family and friends.”
    Miss D. Blakley – Kent
    “Please be assured that I have found your service to be nothing short of exceptional and will have no hesitation in recommending yourselves to anyone considering making a Will.”
    Mr A. Sharp, Cornwall

    Worked with us recently? Leave us a review.

    Latest Blog Posts

    When it comes to your peace of mind and your family’s welfare, the right time is now. Take a few moments to start the process of creating your will today and receive the first draft in as little as 48 hours.

    Deceased Estate Online Will Services

    Deed of Variation

    Deed of Variation and the three main ways that they can be used to protect assets and reduce Inheritance Tax
    Read More
    Will Writing Guardians

    The Importance of Family Will Writing

    Many people, especially young families, postpone family will writing. Maybe it is because it may seem unpleasant, far off, or it appears as a physical ...
    Read More
    Town Houses Blog

    Your Home

    Make Sure the Right People Inherit Your Home For most of us these days our home is our biggest asset. And with mortgage interest rate ...
    Read More