Wills – what is a Discretionary Trust? Discretionary trusts can be both ‘inter vivos’ (during our lifetime), and in our Wills. In simple terms, a discretionary trust in our will leaves the decision making as to who gets what and when to the appointed trustees, rather than us making the decision [...]
What happened to Nil Rate Band Discretionary Will Trusts? Nil Rate Band will trusts allowed a married couple to capture both nil rate band allowances. Nil rate band discretionary will trusts were a popular tax planning tool for married couples pre-2007. Then (2007) a change in Inheritance Tax (IHT) laws rendered [...]
Does Divorce revoke a Will? The Wills Act 1837 states that both marriage and divorce will impact the legal status of a will. No – divorce does not cancel (known as ‘revoke’) a will. It simply removes those elements of a will where the ex-spouse is mentioned. So, this would include [...]
Wills – Second marriage and the family home Second marriage will often create wishes for the ‘new couple’ that might involve will trusts. As a solicitor having dealt with wills and probate for longer than I care to remember, there isn’t much I haven’t seen. But themes appear over the years [...]
What is a Life Interest Trust? Life Interest Trusts are often used in Wills as a useful estate planning tool. A life interest trust gives a right for someone (the beneficiary) to ‘enjoy’ assets for their lifetime without being the actual owner. They are often used in Wills, and in particular [...]
What are Will Trusts? Trusts are often used in wills, and come in various forms. A will trust is an arrangement in your will which places assets in the control of named persons (called trustees) on behalf of other persons (called beneficiaries). There will be terms or ‘conditions’ on how the [...]
