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Wills Vs Trusts

By October 19, 2022ELEVATION BLOG

As an Estate Planner I am often asked, ‘what will happen to my Estate on death or if I go into a care home?’

Most people will have a Simple Will in place, which will direct their Estate to the Partner on first death and then to the nominated beneficiaries.

Whilst a Simple Will works well, there are third party risks involved, which a Simple Will is very unlikely to protect against.

Trust Planning is becoming a more popular subject; you may have noticed the increase in adverts on the TV and radio regarding Trusts.

The key benefits of a trust are to help protect your assets and ensure they go to the right people. It also guards against third party risks so that your Estate will remain in your bloodline for future generations, which a Simple Will may not.

A customised family trust plan can address the third party risks I previously mentioned, these include; Inheritance Tax, Remarriage of surviving spouse, and the divorce or bankruptcy of children.

At Elevation, we specialise in Family Trust planning. If you would like to know more about this subject, please get in touch and we will arrange an initial, no-obligation consultation at our cost.