A Trust can enable the Trustees to withhold or postpone any payments to potential beneficiaries in circumstances where those payments could be swallowed up by divorce or bankruptcy proceedings. It may also be more beneficial to skip a generation to protect the assets. Whilst the funds are still sitting in a Trust, they cannot be considered for assessment by the Court or Trustee in Bankruptcy.
If you died without making a valid Will, the majority of your Estate would pass onto your spouse / partner first. However, if they went on and they remarried after your death, leaving everything to their new spouse, your current loved ones could be left without their inheritance.
It is possible to write your own Will, but it is a good idea to seek professional advice as there are a number of issues that you may not know need to be covered such as, who will be the Executors, Guardians and Trustees and whether you would benefit from setting up a trust. If you write your own Will, you will be responsible and could potentially put your family’s future at risk.
A Will is a legally binding document and there are strict guidelines to follow to ensure that the document is legally binding; professional advice will ensure that your Will complies with all the legal requirements. At Capital Life our qualified Will writers will guide you through this complicated process and explain things in simple terms.
Writing a Will is essential in ensuring that your last wishes are carried out and those that you intended to inherit, do so. It is the last instruction that you will leave to your family, so it needs to be right. If you die without making a Will you could leave a huge burden of legal, financial and tax problems which could incur unnecessary costs and stress for your family. Without a valid Will your husband or wife may not actually inherit all your assets; you simply don’t have control. It is also extremely important if you have children under eighteen, that you choose who you want to be their legal guardian if anything happens to you. If you are a homeowner a Will also allows you to detail how you want to divide your estate, including any property, savings accounts, shares, or ISAs.