Will Trusts

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    There are many different kinds of Trusts that can be written into Wills, below is a very simplistic description of the more common ones that many people use;

    Education & Maintenance

    This does what it says on the tin, it is used for money left to children that you want to be used to fund the child or children’s education and to maintain them. This type of trust can be included without additional charge in the online wills. If you nominate a Guardian for the children, that means that they must be under 18 so I include this type of trust for them. I always set it at 18 by default but you can ask for that to be changed to any age you like between 18 and 25. This doesn’t mean that the children cannot have anything until the age specified, it is a type of discretionary trust and so, for example, if a child destined to inherit at 21 needs some money from the trust every month to help them live at University, then they can ask the Trustees and they can allow that at their discretion.

    Disabled persons Trust

    These are very often used to give money to a disabled person who may be on benefit which is means tested. If you use this type of trust then the disabled person can gain benefit from the money left to them, at the discretion of the Trustees, but it isn’t given to them directly and so is not part of their wealth if and when they are means tested. Wills with these trusts in are charged at the “With trusts” rate, please see my pricing page.

    Protective Property Trusts

    These are used in conjunction (usually) with a couple who own their home as Tenants in Common and allow the first to die to leave their half of the house in trust for the children but allowing the surviving partner/spouse to live in the house for the rest of their lives or to use the money in the trust to buy a smaller property if they wish to downsize. More detail here.

    Nil Rate Band Discretionary Trusts

    These are used to ring-fence assets held in the name of the deceased so that they can be protected for future generations, I’ve written this type of trust into some families wills if they are worried that their son (for example) has married someone unsuitable in the eyes of the parents and the trust protects the assets from being taken into account should the son’s marriage end in divorce.

    There are many other types of trust that can be used in wills and these above can be fine tuned to suit your particular situation so if you think you need these or would like to know how they could be used for your own situation, please feel free to call me on 01305 774786.

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    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.

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