Mind At Rest Wills Blog

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Do I need a Trust in my Will?

Wills FAQ Book

In order to know if there is likely to be a need to create a Will Trust within your Last Will and Testament, the first thing you should consider are your wishes for the distribution of your estate upon your death.

If your wishes for the distribution of your estate are quite straight forward then it is likely that there is no need to create Will Trusts. There are however some situations which may require you to have a Will Trust created:

Here are some examples of situations when you may require a trust to be written within your Will:

Inheritance Tax Questions & Answers

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When is Inheritance Tax Charged?

For a single person, the current Inheritance Tax IHT nil rate band threshold is £325,000.

If on death a persons Estate is valued at more than this threshold then Inheritance Tax is payable and is currently charged at a rate of 40% on anything over the threshold.

Choosing a Professional Executor

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Appointing An Executor

One of the clauses a Will must contain is a clause that appoints your executors. An executor is the person who administers your estate and carry's out other wishes in your Will.

You should think carefully about who you select as your executor/s, the people you choose should be someone you trust and you feel will be able to carry out their responsibilities effectively.

Whilst not an exhaustive list an executors responsibilities include:

Guidance On Making A Will

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Making A Last Will & Testament

Making a Will is essential and unless your circumstances change significantly, is something most people only have to do once.

Making a Will puts your mind at rest that when you are finally laid to rest your loved ones, family, friends and future generations are provided for.

By Writing your wishes in a Will you are ensuring your hard earned assets are distributed correctly, preventing unnecessary emotional stress to the people you have left behind.

Will Writing Versus Estate Planning

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According to a recent survey by Investec a large number of people in the UK have yet to make Will.

The majority of the people they surveyed plan to make a Will at some point in the future.

Twenty Five percent of these intend to use a lawyer or Will Writing Service and Twenty percent say they are likely to use a DIY Will Template

What is a Trust?

Wills FAQ Book

Trusts can be used to control the distribution of a persons (the Settlor's) property and assets. This is achieved by either the creation of a Trust within a Will or by a separate Trust Deed.

There are numerous different types of Trust's, some are designed to come into force in the event of death others form part of an individuals lifetime planning.

Trusts can be created to benefit the Settlor (the person placing the assets in to trust) or for bloodline planning purposes to benefit a surviving spouse, children and grand children.

What is an Asset Protection Trust

Wills FAQ Book

An Asset Protection Trust is a form of Life Interest Trust or Discretionary Trust that is created by the Settlor (the person gifting the asset into trust) during their lifetime.

Asset Protection Trusts are commonly used as an effective means of Estate Planning and provide bloodline planning for future generations.

These trusts allow the Settlor to transfer assets into trust immediately during their lifetime instead of the assets being distributed upon death.

Changes to Intestacy Rules 2014

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On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force.

In England & Wales If you die without making a Will, then your estate will be distributed subject to the Rules of Intestacy.

If you want to ensure your estate is distributed to the people you want to inherit, then you need to Make a Will

Making a Will FAQ'S

Wills FAQ Book

Making a Will brings you peace of mind that should you die your estate goes to your loved ones, making a Will not only ensures the right people benefit from your hard earned assets it also ensures that you do not die intestate.

If you have not made a Will and die intestate your loved ones could be subjected to long lengthy delays when trying to administer your estate, all at a time when they could no doubt do without the added emotional stress.

Scotland Independence Referendum Impact on Estate Planning

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On Thursday 18th of September 2014 Scottish voters will go to the polls to cast their YES or NO vote on whether Scotland should sever its ties with the UK and become an independent country.

The result is expected to be announced sometime early on the following morning Friday 19th September 2014.

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