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From time to time, we receive enquiries from callers asking for a ‘simple’ or ‘standard’ Will. But what is a ‘simple’ or ‘standard’ Will?

After we have taken the time to sit down and talk through with our clients what it is they wish to achieve, and what might be available to them, we often hear our clients say, “I didn’t think of that.” In fact, when it comes to making a Will, there are all sorts of opportunities open to you to make your Will what you need it to be. And why wouldn’t you? Why settle for ‘simple’ or ‘standard’ when there is so much more you can do with your Will?

What sort of things do we talk about in our meetings?

Well, let’s take one example that is not at all unusual. A client may be concerned that a beneficiary will struggle to manage an inheritance, for example because they find it hard to manage money or property, or they have health problems or other vulnerabilities. But did you know, the gifts in a Will do not have to be ‘absolute’? You can use your Will to arrange for an inheritance not to be passed outright, and to be managed until the beneficiary is ready to receive it. And there are many other scenarios which can be addressed when making a Will. A client might want their husband or wife to have a roof over their

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Legal Matters: head whilst at the same time ensuring as much of the family assets as possible pass down the blood Is There Such a Thing as a line of the family. A client might want to ensure that one member of the family does not pressurise another, or may want to exclude someone who Simple Will? is estranged, or to look after those who are dependent on them or have cared for them, or to look after children from a previous marriage. When a marriage or a civil partnership And that is not to mention the importance of tax breaks down, consideration needs to be planning when it comes to making a Will.

given to how the assets of the union are to

be divided. Assets can include the home, So, if there is such a thing as a ‘simple’ or ‘standard’ savings, cars and other valuables but also pensions. Will, it may not be everything you need. And, whilst there is no right or wrong answer as to how your Will is prepared, it is really important that your Indeed the pensions can be the most valuable asset adviser identifies what you would like to achieve, and care has to be exercised in how they are treated and how they are divided. Usually, pensions are dealt with in one of the following ways: what might cause a problem, and what might be available to you, and explores them with you. Of course, the final decision as to what you want your 1. Pension sharing. This is where one pension is Will to do is always up to you. divided to create essentially two pensions, a reduced pension for the member of the pension scheme and a new pension for the other person. At Shacklocks LLP, we have been making 2. Pension attachment. This is where a court Wills for clients for more than 100 years, both makes an order directing that some of the pension payable to one person is paid to the other. 3. Offsetting. This is where the pensions are left ‘simple’ and not so simple. Our lawyers have the necessary training and experience to ask untouched but the share of other assets are adjusted the right questions. To find out how we can to take into account the value of pensions. help you, contact Cassandra Worton and her Before you even think about dealing with pensions you need to know their value. The starting point is team on 01773 822333 (Belper), 01332 559281 (Allestree), often the provision of a Cash Equivalent Transfer 01773 743513 (Ripley) or Value (“CETV”). This needs to be provided in 01623 626141 (Mansfield). all cases. Whilst the CETV is important, further information is often needed in terms of benefit statements so that the full terms of the pension The information in this article can be considered. is for general guidance only It is important to understand the difference between different pension types. Some pensions are pots of and no reliance should be placed upon it. money which can sometimes be converted into cash (subject to tax). Other pensions simply give a person the right to receive an income from a particular date until their death.

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Legal Matters: The difficulty is that the CETV for one scheme might produce completely different pension Breakdown of a Marriage benefits to the CETV in another scheme. You might share a particular pension equally but the reality in terms of what you might each receive in or Civil Partnership: Dividing the Pensions Cassandra Worton, Partner with Shacklocks LLP and a member of the Society of Trust and Estate Practitioners, explains some of the your pocket could be significantly different. The court is generally concerned about the effect of a pension sharing order, especially when people might have been together for a long time. mystery behind Trusts. The CETV provided by a pension scheme might not be a true representation of the value Trusts are a very well established part of English law, but are generally not available in many European countries. So what are they, and of that pension. In some cases, especially some public sector pensions, the CETV provided can significantly understate the true worth of a pension. how did they come about? There are obviously many different pension Put as simply as possible, a Trust will arise where a schemes in existence. Each will probably be different to the next. It is very important that you person transfers property or assets into the name receive the right advice and that the true value of their chosen Trustees, for the Trustees to hold of each pension is understood and shared fairly. that property or those assets for certain purposes Often it is necessary to involve other experts, and on certain terms, for the benefit of specific for example pension actuaries, who will produce persons or a group of people. comprehensive reports to assist in the division of pension assets. The information given above is To better understand Trusts we can take a look necessarily general and cannot be relied upon in back to the times of the Crusades. Trusts first any particular case. began to take shape in medieval England when men were travelling abroad to join the Crusades. They would transfer their property to a trusted friend for them to look after, manage and protect until their return, which may not be for many years. The moral obligation imposed on the friend is one of the earliest forms of a Trust, which over the centuries has become embedded in our legal system. At Shacklocks LLP we are committed to helping you to understand the true worth of pensions and to help you receive a fair financial settlement which will meet your needs. Shacklocks LLP family law team are currently offering all new clients an initial free half hour appointment. To find out more, contact Ben Stubbins and his team on 01773 822333 or email

bens@shacklocks.co.uk.

If we fast forward to the present day, the reasons to use a Trust are broadly the same as in medieval England; there are different types of Trusts and there are many different types of situations which may create Trusts. Trusts may be set up in a lifetime, or through a Will following death. Trusts may provide circumstances in which beneficiaries will become absolutely entitled to the Trust Fund, or they may provide flexibility by allowing for discretion to be exercised as to who should Ben Stubbins benefit.

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Legal Matters Legal Matters: Shacklocks Solicitors Whilst the idea that someone travelling abroad may leave their property in Trust to be managed Trusts In each edition legal advisors from Shacklocks deal with important legal topics. This month Marion Vesey (pictured) invites us to think about making a decision that will benefit whilst they are away is still very useful today, Trusts may be used closer to home to protect and manage property or money in other circumstances too. For example, a parent may set up a Trust in their lifetime or through their Will for a child, or for an adult son or daughter who is not able to manage their own affairs perhaps because of future generations. disability or mental capacity issues. A married Making a Will is a serious business. It is a time which gives many people cause to stop and think about how they want to be remembered when they are gone. person may provide in their Will for their surviving spouse to have a life interest in their half of the family home thereby protecting that half of the home for the next generation. A Trust may be used where someone receives damages as a result Many people are attracted by the idea of doing something to help others less fortunate than themselves after they pass away, particularly if their family are adequately provided for or if they have no close family. Whilst some still like the idea of supporting major national charities, there are many who prefer to benefit more local causes or causes close to their heart, possibly where they have had a personal involvement or received support during their lifetime. of a personal injury or clinical negligence claim. A couple may set up a Trust to keep their family assets in the bloodline in case of changes in family and marital arrangements which may take the assets out of the family, or someone with a second family may set up a Trust to make special arrangements for their two families. A person with Charitable intentions may set up a Trust in their lifetime or on death for the benefit of those who they particularly wish to help in the future, and by doing so leave a lasting legacy: many of the charities we see now may have been set up in this Something that our team will discuss with way. These are all types of Trust. clients in this situation is the idea of setting up their own charitable trust which can continue to provide support for charitable causes of their choosing long after they have passed away. Creating your own charity means that your trustees can provide support to those who need help most. There can be a great sense of satisfaction in knowing that your trustees will carry out your wishes after you have gone and that Shacklocks LLP have been dealing with Trusts for many years, though not quite as far back as the Crusades! If you would like to know more about Trusts and how they may be of help in your circumstances contact Cassandra Worton or Richard Farmer at Shacklocks LLP on 01773 822333 or 01623 626141 or email cassandraw@shacklocks.co.uk or richardf@shacklocks.co.uk. your name will be associated with such good deeds even after you are no longer around. At Shacklocks we have set up a number of charitable trusts over the 150 years or so we have been in business and we still look after those trusts today. One of the charitable trusts we look after, for example, was established by a will in the 1940’s to provide accommodation for elderly residents. Cassandra Worton

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70 years later the trust is still providing that accommodation. Another of the trusts we look after was set up by a client who wanted to help people with particular medical conditions. Her kindness has enabled her trustees to provide financial support to a gifted young musician who has experienced a number of health issues that have interfered with her education, to enable that child to be educated in the most appropriate environment. A Charitable Trust can be set up either during your lifetime with savings and investments built up already, or alternatively through a specially prepared Will that will only take effect following your death and will therefore not deprive you of capital or income during your lifetime. Our team at Shacklocks have a particular speciality in preparing arrangements of this kind and also of acting as professional trustees to enable wishes to be fulfilled and instructions to be followed. If you are thinking of supporting charities through your Will or during your lifetime with a lump sum, why not talk to us about the different ways in which we can help you benefit those good causes, and how to make the most of the tax rules that enable a charitable cause to benefit. Call us at Shacklocks to talk about how we can help you to help your favourite local causes.

Telephone Shacklocks on 0845 602 2344 or email me at marionv@shacklocks.co.uk.

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