Wills, Trust & Living Wills

If you don’t currently have a Will, your loved ones may not receive the assets you wish to leave them in the event of your death.

What Is a Will?
A Will is a legal document that sets out your wishes regarding the distribution of your property and the care of any minor children. To maximize the likelihood that your wishes are carried out, you want a Will that is set out in writing as per your wishes and must be signed by you and your witnesses.
If your Will does not meet certain standards, your instructions may not be carried out and your beneficiaries may not inherit what you wish.

Why Do I Need One?

Creating a Will gives you sole discretion over the distribution of your assets. It lets you decide how your belongings, such as cars or family heirlooms, should be distributed. If you have a business or investments, your Will can direct the smooth transition of those assets.
If you have minor children, a Will lets you provide for their care. If you have children from a previous marriage, even if they are adults, your Will can dictate the assets they receive. Creating a Will also minimizes tensions among survivors. Relatives battling over your possessions can weaken what may have otherwise been a strong family.
If you are charitably inclined, a Will lets you direct your assets to the charity of your choice. Likewise, if you wish to leave your assets to an institution or an organization, a Will can see that your wishes are carried out.

What Happens If I Don’t Have a Will?

If you do not have a Will, you die intestate. In such a case, the state will oversee the distribution of your assets. Contrary to popular opinion, the state does not inherit your assets, but rather distributes them according to a set formula.
The formula often results in part of your estate going to your spouse and part going to your children. Such a scenario can result in the sale of the family home or other assets, negatively affecting the surviving spouse. This can create financial and emotional difficulties, particularly if your spouse was counting on the bulk of your assets to maintain his or her standard of living. Further complications can arise if your children are minors, as the court will appoint a representative to look after their interests.

A Will Trust is only created once you pass away. You set up the conditions of the trust in your Will and it activates upon your death.
Will trusts are mainly used by couples to split ownership of the family home if they own it as ‘tenants in common’. Rather than leaving their share to each other, they each leave it to a trust, which comes into being on the death of the first spouse/partner. Sometimes called a FLIT (Flexible Life Interest Trust) or IPDI (Immediate Post Death Interest)
Will trusts are a common way of protecting the estate of the deceased if they have children from a previous marriage. This occurs when the first partner dies, leaving children from the previous marriage who might reasonably expect to inherit some of the family estate in due course. If the surviving partner remarries and fails to make provision for those children in a new Will, there’s a risk that everything will go to their new spouse instead.
Also a couple could split their estate into two halves and the Will trust may be used to ring-fence the deceased spouse’s share from care home assessments so the surviving spouse retains a right to live in the house. If you need to pay for care, only your share of the home’s value will be assessed by the local authority.