Wills and Trusts
We have experience in drafting wills so as to preserve your assets for the benefit of your family in the most appropriate way.
There are a number of issues to consider here including:
- Gifts to children. Careful thought needs to be given as to when children should inherit, and whether they should take everything at once or in stages, depending on their particular situation. Their personal circumstances need to be considered, including their matrimonial position.
- Gifts to spouses. If the surviving spouse is likely to remarry, or your assets are significant, consider whether the survivor should receive everything outright or under a trust arrangement, and whether some assets should be ring-fenced for your children.
- Business assets. There are big opportunities to save inheritance tax (“IHT”) if a will is structured properly to deal with business interests.
- IHT saving for future generations. There are ways of leaving your assets for the benefit of your children, grandchildren and later generations, so as to significantly minimise IHT along the way.
Trusts are very useful vehicles to ensure that assets are managed for the benefit of others, typically family members, without any individual being entitled to those assets. They are often used in IHT planning, and we can advise on the types of trust that would best suit your situation, while ensuring that a record is kept of your wishes as to how any trust adopted should operate.
We have experience of running trusts and acting as trustees, with or without family members. Sometimes families find it helpful for us to act as trustees as disinterested third parties, particularly if they can foresee that a difficult family situation may need to be dealt with, e.g. divorce or an inability to handle large sums of money, and outside assistance may be needed.