TRUSTS
Trusts are not just for the wealthy. They have been used by ordinary families for many years to provide for minor children or disabled family members. They are also used to protect assets against the potential divorce, death or bankruptcy of beneficiaries. Will Trusts are used in the same way and can preserve assets where […]
TRUSTEES
Are you the executor of a Will which includes a Will Trust? If so, you may also be the Trustee of a Will Trust created by the Will. Will Trusts were used for many years before the law changed to allow married couples to transfer unused Inheritance Tax allowances on death. Quite often, the family […]
WHY USE A TRUST?
Will Trusts are flexible and can provide for many different family circumstances. How are they flexible? Well, your beneficiaries can be given a fixed entitlement or interest. This means that they and your Trustees know from the start what the beneficiaries are entitled to receive. For example, your beneficiaries could be given a right to […]
JOINTLY OWNED PROPERTY
If you and your other half, whether married or cohabiting, jointly own your home or other property, you are said to be holding it on a trust of land. Under the law in England and Wales, there are two distinct and separate ways of owning houses and land, and how you own your property could […]
BEING A TRUSTEE
The executor of your Will may also be a trustee, if a trust is created under the terms of your Will. A trustee is someone formally appointed to manage the assets of a trust for the benefit of others (known as the beneficiaries). The trust must be administered in accordance with the terms set out […]
MIRROR WILLS AND MUTUAL WILLS
You may have heard these terms, or read about them when you were looking into making a Will. So, what are Mirror Wills and Mutual Wills? MIRROR WILLS Mirror Wills are often used by married couples to provide for their estate to pass to each other, and then to their children on the second death. […]
WHAT HAPPENS WITHOUT A WILL?
If you die without having made a Will, you are said to die ‘intestate’. This means that your money, property and personal possessions (after your funeral costs, and any debts and liabilities have been paid) will be divided among your family in accordance with set rules. This only applies to assets that you own in […]
WHAT IS A CODICIL?
A Codicil is a document which is executed in the same way as a Will. The purpose of a Codicil is to make an amendment to the terms of an existing Will. An amendment could be to: Codicils are best used to make small changes to the Will. If you wish to make a number […]
WILL STORAGE
Where should you store your Will? There are a number of options. If you choose any option other than keeping the Will at home, consider registering it on the National Will Register so that your family will always be able to find it. Please get in touch if you have any questions: T: 07860 772274 E: christine@winterbornelegal.co.uk
LOST WILLS
If an original Will has been lost or accidentally destroyed, it is possible for the family to obtain probate of a copy of the lost Will. An Order of the court would need to be obtained to allow the copy Will to be proved. If you have been keeping your original Will at home and […]