September 2019: Will & Probate Advice with Simpson Solicitors
Trust funds – to protect the inheritance you leave.
A TRUST fund sounds like the inheritance that the Dowager Countess of Grantham might have been left by her late husband in Downton Abbey.
However Samantha from Simpson Solicitors says: “Trust funds are no longer a relic from history. Increasingly I am using them in wills to protect the inheritance being left as a solution to modern problems.”
Scenerios where a trust fund is recommended:
Protecting your children
If you die first, your partner may go on to meet someone else and even have further children – reducing what’s left for your children. Instead your will could leave your half of your home to a trust fund, that allows your partner to continue to live there, but when the house is sold the trust fund ensures your half still goes to your children.
If you have a child with special needs or who had a drink or dugs problem, they may not cope with receiving a big inheritance. Instead pass it to a trust fund. They’ll still qualify for means-tested benefits and their inheritance is managed for them – perhaps providing a limited income or payments only for specified purposes.
Care home fee protection
If the inheritance for your partner is passed to a trust fund, as it’s not “owned” by them, it’s not included in their means tested assessment for paying care home fees. However they can live in the house and access the money if they need it.
If one of your children is in a rocky marriage, inheriting immediately from you risks half of their inheritance going to their spouse in a divorce. Instead a trust fund can protect their inheritance until it is safe to be transferred to them.
This type of additional trust protection need not cost thousands.
Simpson Solicitors are local specialists offering special packages. Mention this article to be offered a 50% reduction on wills, down to £147 +VAT each and the additional trust protection is reduced to an additonal £345 +VAT.
To book a FREE review meeting to find out if this is right for you, please call their friendly team based at the Kings Chase shopping centre in Kingswood on 0117 960 8594.