Life has many twists and turns, marriages, break up, and re-marriage. It is important to ensure your legacy is passed onto those you choose, not those who are automatically next in line.
Many clients assume if they leave everything to their children, any inheritance, would then automatically pass down to their grandchildren. Unfortunately, a standard Will, or what many refer to as mirror Wills, will state that your grandchildren would only inherit if their Mother or Father dies before them. This means your grandchildren may not receive any part or any of your legacy.
Meaning your wishes may not be met and could leave money to one or more of the following:
· Your Childs ex-spouse
· Your Childs new Wife or Husband
· New Step-Grandchildren
· Local Authority
· Your Child's creditors
It is important you plan your Will correctly and ensure your heritage and legacy is passed onto those whom your wishes dictate.
A Family Protection Will helps to control what happens to any inheritance after you have passed away by using a Discretionary Trust. A Discretionary Trust is a flexible trust under which no beneficiary has an automatic right to receive assets. Instead, it is the trustees who have the power to decide who, from a list of beneficiaries, should receive the money or property held in the trust, and when.
£320 Per Will
This includes lifetime storage and free amendments for 12 months
Disabled or Vulnerable Beneficiaries
If you would like to leave money to a disabled person or to someone that struggles to look after their finances, then a Family Protection Will can help.If your loved one is vulnerable or lacks capacity, a Family Protection Will can also help to protect them from the risk of financial abuse and support them if they need someone to manage their money.
Family Protection Wills can be used when you have a child or another relative with a disability and they need constant support. If this person inherits from a Will directly, this may affect what disability benefits they may receive. Using a Family Protection Will means that they will still be entitled to receive their normal benefits.
Some families leave money to a relative on the understanding that they will look after the disabled person. But if the relative dies, gets divorced or has large debts, they may lose control of the money. Using a Family Protection Will means that any money you leave to your loved one can only be used for their benefit and they can not be taken advantage of.