Will Trusts

A trust is (in simple terms) a gift with strings attached to it. In the context of your will, you may create a trust without even realising it. So for example, if you leave a gift to a child, and you die before they reach 18, the money due to them will be held on what’s known as a bare trust until they reach 18 (or some other age specified by your will). Equally, you may want to create specific conditions in which certain assets are held for someone to use for their lifetime, but then they pass outright to others. This is known as an interest in possession trust, or life interest trust. Our expert will trust solicitors can help with any and all of your will trust queries. So, if you dont find what you’re looking for here – do reach out to us!

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Will Trusts FAQs

A will trust is a gift with conditions/strings which your appointed trustees will deal with in the event of your passing.

The three most common types of will trusts are a bare will trust; an interest in possession will trust (often called a life interest trust); and a discretionary will trust.

No. They are two different roles.  However, they will often be the same people. An executor administers your estate. A trustee then holds money or assets on the defined will trusts.  Read more about ‘what’s the difference between and executor and a trustee‘

Will trusts can be used for many reasons from simple things through to complex estate planning. Perhaps the most simple situation where a trust will arise by default is a gift to a beneficiary who is under 18. In this example, the money will be held until they reach 18 on a ‘bare trust’. The will wont specify an obvious trust, this just occurs by default.

In short, will trusts allow you to continue to have some form of control over assets after you have passed away. However, that can be a ‘con’ too!

Will trusts are far from the perfect solution for every testators wishes! Easy as it might seem to ‘let my wife remain in our home for her lifetime, there are many scenarios that you should consider to hopefully avoid the trust being disputed in the future. Ambiguity often equals problems. So for example, with a life interest trust of a property: what if the survivor remarries?; what if they want to move?; what if they need to go into care; and so on.

You should choose someone who has the necessary skills to do it, who is willing to take it on, and who ideally has no vested interest of conflict of interest in it.

Technically, a beneficiary can often be a trustee, but it generally considered a bad idea as there will almost certainly be a conflict of interest. So for example, with an interest in possession trust of say of the matrimonial.

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Our expert Wills solicitors can help with all aspects of wills. Whether you need a simple will, a complex will trust, or perhaps you have assets abroad. We can help! So, get in touch – we’re looking forward to helping you!

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