A Will Trust is a Last Will and Testament which has a Trust built into it, it is therefore a much enhanced form of Will that offers greater protection and benefits than a standard Will.
There are different types of Will Trust and the ones offered by ourselves are currently:-
- Protective Will Property Trusts
- Discretionary Will Trusts
- Lifetime Interest Will Trusts
- Right to Reside Will Trusts
There are other types of Trust which can be written into a Will and be effective only upon your death, however should your circumstances require such a bespoke type of Will Trust, we will be able to advise you of this and provide you with the information and advice that will be applicable to your circumstances.
The basic concept of a Trust is that an asset owner (the Settlor or Testator) is transferring their asset into the legal title of the people they implicitly trust (the Trustees) to hold onto for the benefit of the people the asset owner wishes to benefit with the asset (the Beneficiary). The different types of Trust have different powers and benefits to the estate, the beneficiaries and the Trustees, however the basic concept will always remain the same. A Will Trust is an extremely good idea if you have specific wishes which may mean that you do not necessarily want your beneficiaries to in inherit their share of your estate immediately upon your death, or you would like your estate to be used for a specific purpose, or to simply afford your assets in your estate more protection and flexibility upon your death. As with most estate planning documents, if you are unsure as to how Will Trusts will affect your estate or what effect these will have on your beneficiaries, it is always best to seek expert advice from a professional company and, if applicable, additional tax advice. For further information on how a Will Trust can help you and your beneficiaries, please contact us.