Will Trusts
Wills can be tailored for a wide range of circumstances and can include one or more Will based trusts, such as a discretionary trust or a life interest trust. Certain specific types of Will trusts are intended to make provision for more vulnerable beneficiaries in a managed way.
A Bereaved Young Person's Trust would arise if a gift is made to the testator's own children with an age condition for their inheriting the trust assets that is above 18 and on or before attaining the age of 25. For the duration of the Trust, the beneficiary will benefit and receive support.
If the testator has a child or other relative who is disabled, they could make provision for them under their Will by including a Disabled Person's Trust. The trust will name a principal beneficiary. During their lifetime, the trustees will apply the income and capital of the trust for the principle beneficiary's support and benefit and will do so in a considered way.
A discretionary trust protects assets and gives the Trustees the flexibility to make payments to one or more beneficiaries out of trust income and capital. The trustees will give consideration to the changing needs of beneficiaries.
A Flexible Life Interest Trust and a Protective Property Trust can be included in a Will, usually where the testator is a parent who requires that their spouse will benefit, whilst assets are protected for their children.
For information about having a Will prepared, tailored to your particular circumstances, please contact us.