Protect & Preserve
Using Trusts
When writing a Will it is possible to incorporate a trust for various reasons such as protecting against a forced sale of your home by a local authority in the event of long term care needs or the possibility of future re-marriage. Inheritance due to any unreliable beneficiary can be protected by a Trust and passed to them at what may be a more reliable time. Children from a previous relationship/marriage can also be protected.
Appoint Guardians for young Children
Nominating specific Guardians in your Will to look after young children is very important – and if you don’t, Social Services will do so on your behalf. It can sometimes mean that a partner (if you are unmarried) does not automatically become Guardian to children, even though they may be the mother or father.
Set up Trusts for the benefit of children
Setting up a Trust can have a number of significant benefits. Firstly, it is a good way to ensure the funds are not inherited by a beneficiary when they are too young to make best use of them. You can also make secure financial provision for mentally disabled or handicapped children.
Leave a legacy to Charity or make provision for a family pet
Writing your Will provides you with the opportunity to leave a legacy to your favourite charity (this would be free of tax) or make provision for the care of a much loved family pet.
Make provision for your funeral
You may have quite specific ideas about what you would like to happen when you die. Do you wish to be buried or cremated? Where you want your funeral to be held and do you want specific hymns to be sung and readings to be given?
Remember:
A Will gives you control
A Will gives you options
A Will means that you can give other people opportunities
Powers of Attorney
Lasting Powers of Attorney
When making your Will, you should also consider the effect that a loss of capacity, whether due to illness, accident or old age, would have. Giving someone you trust the ability to make important decisions on your behalf should you lose capacity is called a Lasting Power of Attorney. He or she will have the legal authority to handle your affairs, together with guidance and instructions on how they should act. You can prepare lasting powers of attorney for property and financial affairs and/or personal welfare, which includes making decisions on your medical treatment.
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