What is a 'Will Trust'? Who are 'Will Trusts' suitable for and how do I get a 'Will Trust' in Cambridge?
"A son can bear with composure the death of his father, but the loss of his inheritance might drive him to despair." Machiavelli - The Prince (1517).
What is a 'Will Trust'?
A Will is a legal document which sets out a person's wishes regarding the distribution of their estate when they die.
A Trust is a way of managing assets (money, investments, land or buildings) for a person.
A Will Trust (or Testamentary Trust) is a trust that is created within a will. It allows assets to be held securely within a trust after a person's death.
Who are 'Will Trusts' suitable for?
· Will Trusts are mainly used by married couples and civil partners and are set up in conjunction with changing the ownership of the family home, to 'tenants in common', so each partner retains 50% each. Rather than leaving this 50% to each other, they leave it to a trust, which comes into being on the death of the first partner.
· Parents or grandparents who want to keep assets safely for children who are under the age of 18 would use a Will Trust to hold those assets on their death until such time as the children attain an age specified in the will.
· Those who wish to ensure that, should their spouse re-marry after their death, their estate will be held in trust for their beneficiaries they intended for in their Will.
How do I get a 'Will Trust' in Cambridge?
The Will Associates consultant in Cambridge is Stephen Mills. Contact Stephen today on 0800 9500 700 to arrange a free, no obligation appointment at a time convenient to you and your family in the comfort of your own home.