Wills can offer flexible solutions to complex problems

Wills can offer flexible solutions to complex problems

Family Arrangements- A Will can be a really helpful tool in solving some complex family issues e.g. to include children from previous marriages.

A Will can ensure that a second (current) spouse has the right to occupy the family home, while still protecting the capital for children of an earlier marriage.

This will ensure that the assets don’t pass outside the immediate family and also may help prevent any potential challenges in the distribution of the estate.

Asset Protection- One of the implications of an ageing population is that thousands of homes are sold each year to fund the cost of residential care.

A carefully drafted Will can ensure that a share of the family home passes into a trust on first death, which may give the survivor a right to occupy.

The Trust will make sure that the capital will be preserved from nursing home fees and will pass to the intended beneficiaries instead. This kind of Trust can be drafted flexibly to allow the survivor to downsize or move property.

Trusts can protect assets for future generations- if your child or grandchild suffers financial or matrimonial problems, or if beneficiaries are not mature or responsible enough to own large amounts of money, a Trust can come in handy. The Trustees will take each beneficiary’s personal circumstances into account.

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