IAIN WANSTALL LEGAL INSIGHTS

More complex family arrangements – Will Trusts

Family arrangements are frequently more complex now, such as second relationships with children from previous relationships. You may well want to provide for your other half in your Will, but also ensure that your children inherit in due course.

How can you achieve this?

Last month`s article outlined how life interest trusts can protect your assets and how they operate. They also work with more complex family arrangements, offering flexibility and peace of mind.

If your Will left everything to each other and then to your own children, welcome new and existing patients (or other chosen beneficiaries) there is no guarantee that they will actually benefit. For example, the survivor could rewrite their Will if their circumstances changed; they could remarry, automatically cancelling earlier Wills; and there could be circumstances beyond their control, such as care fees.

This trust can ensure that you protect and provide for your other half during their lifetime, and also your children, or other chosen beneficiaries, afterwards.

Property

For this trust to work, you need to hold your property and other assets so they will not automatically pass to the survivor. I discuss this, and related matters, with clients in detail.

Regular Will Reviews

I advise clients to review their Wills regularly, at least every 3 to 5 years, or earlier if there is a change in personal circumstances or legislation. Many prepare Will trusts initially and then, when relationships have settled, prepare new Wills without the trust. Others choose to retain the trust.

More complex family arrangements can certainly be planned for, including with carefully prepared Wills. If you would like to discuss matters, please contact me on iain@wanstallconsulting.co.uk or 01296 415700. You can also find more information on my website: www.wanstallconsulting.co.uk. See advert page 10.

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