Making your Will; anxiety about a family member
When you think about passing assets on to your family, does this prompt some anxiety? There may be particular circumstances that lead you to worry about how things will be. This can put you off making a Will, but with appropriate, professional advice, your Will can be structured in a way to manage that situation, alleviate your concerns and give you peace of mind for the future.
A beneficiary with a disability
You may be concerned about a beneficiary who suffers from a disability and how they would manage inheriting, but at the same time you do not want to exclude them. This can be where a trust in the Will could be very helpful. Depending on their particular circumstances, trusts can be established in your Will, so that your chosen trustees can look after and manage the assets for the benefit of the beneficiary. In certain circumstances, there can be tax advantages for particular disabled beneficiaries under certain types of trusts.
What about divorce?
Many people worry about what would happen if their chosen beneficiaries get divorced. The risk is that their inheritance is then taken into account on the division of the assets in the matrimonial, financial settlement and ends up with soon-to-be ex-spouse. There is no guaranteed way to protect from this, but a trust in the Will can be a very effective way to mitigate the risk. The trustees of the Discretionary Will Trust do not have to benefit any of the potential beneficiaries and so it is hard to argue that those assets should have formed part of a divorce settlement.
Financial vulnerability concerns
Sometimes there may sadly be financial difficulties for a beneficiary with issues around addiction, excessive gambling, financial or business problems or vulnerability to pressure from others close to them. The use of a Trust can be a very effective way of making sure that your chosen trustees can control and manage the funds, so they are not exposed to such risks.
A challenge to your Will?
Sometimes, due to particular circumstances, there may be a person you do not wish to include, but you fear they may challenge the Will or make a claim against your estate. While it is never possible to prohibit someone from doing so, careful preparation of the Will and possibly the use of a conditional legacy or a trust in the Will can be an effective way of managing that risk.
How can Gotelee solicitors help you with your Will?
The above issues will all require careful, bespoke, professional advice and that is something we can certainly assist with. If you would like to know more then, please contact Richard Guy at Gotelee Solicitors LLP at 19 Deben Mill Business Centre, Old Maltings Approach, Woodbridge, Suffolk IP12 1BL Tel: 01394 388 605 and email: Richard.guy@gotelee.co.uk
