When writing your Wills in Great Baddow or anywhere else in the UK, the simple answer to this question is that if your wishes with regard to the distribution of your estate are quite straight forward then it is unlikely it will be necessary to provide for the creation of any Will Trusts.
However, the reality is that there are certain instances where a Will Trust may be needed:
For example, married couples and civil partners often use Interest in Property Possession Will Trusts when they own their main family home as tenants in common on a 50/50 basis. This is because, instead of each person in the couple leaving their share to the other at the time of their death, it is left to the trust at the time of the first spouse/partner’s death. Such a situation is clearly very useful in those situations where someone has remarried and has children from an earlier relationship to prevent sideways disinheritance. The reason for this is because their spouse/partner can remain in the aforementioned property until they either no longer want to or pass away when the property share will then pass to the named beneficiaries from the earlier relationship.
It is also to be noted that if the surviving spouse or partner has to move into residential care then it is only actually their share of a property that is assessed by the local authority. The reason for this is because the other spouse/partner’s share is in trust and thus protected from care home costs since it is unlikely to be contested as a deliberate deprivation of assets.
Contact Andrew Douglas Wills and Legal Services today via www.andrewdouglaswills.co.uk to see how we could help you to get your affairs in order to protect both yours and your loved ones best interests through the writing of Wills in Great Baddow and throughout the rest of Essex.
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