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    Getting Your Wills and Trust in Order

    Trusts provide an easy and flexible way for you to pass along property in your will (such as money or investments) to others without probate proceedings, provide shelter for someone incapable of managing their own finances, or pay for care services. To make sure yours are squared away before it comes the time, read on.

    Getting Your Wills and Trust in Order

    Basic Wills

    A basic will is designed to ensure that when you die your property, money and assets will go directly to those you select. As this formal document must meet certain legal standards regarding its content and signing process, professional advice should always be sought prior to writing one on your own - although books can provide helpful guidance.

    Two witnesses must be present when signing a Basic Will to ensure its integrity. For maximum convenience and to make sure its execution runs smoothly, store your will in an accessible place where executors know its whereabouts.

    If you die without leaving a will (known as intestacy), your estate will be distributed according to UK law, which may not align with your wishes and could disinherit loved ones. A basic will typically costs between PS49 and PS99 depending on what additional services are needed such as trust inclusion or writing mirror wills with your partner (known as twin wills).

    Your will can be created using either a fixed-price writing service or by writing it yourself. A DIY will may not always be the most reliable choice as it could contain errors or omissions which lead to complications after your death, not to mention being challenged or contested by family or beneficiaries.

    Will-writing services can be found online or locally at stationers and charities; many trade unions provide complimentary will-writing services. Some firms regulated by the Law Society offer unregulated will writing services; if using an unregulated firm make sure it offers a money-back guarantee in case your will is challenged or disallowed.

    Several charities such as Age UK, Will Aid, and Stroke Association will write your will for a fee - Age UK being just one example.

    Basic Wills

    Bloodline Wills

    As its name suggests, a bloodline trust aims to keep assets within your family. It is similar to other discretionary trusts; the only difference is that inheritance may only pass to certain beneficiaries such as children and their descendants.

    Bloodline trusts can be combined with basic wills to protect the assets you leave to other beneficiaries and ring-fence them from potential estate tax liabilities. Typically, this involves holding any jointly held properties such as your family home as Tenants in Common rather than as shareholdings which offer equal ownership percentages of it.

    Trustees will be appointed for this type of trust and are accountable for overseeing its assets that have been set aside as being safe from being misused for other purposes by third parties. Bloodline trusts can also be beneficial when handling the proceeds of divorce and the death of partners that create issues over how assets should be divided among them.

    Bloodline trusts provide extra protection within a family unit as well. If some children lack good financial management skills and spend their inheritance frivolously, a bloodline trust could ensure any funds remain dedicated only to healthcare, education, maintenance, or support of its beneficiaries.

    Bloodline trusts offer many advantages (https://www.gov.uk/trusts-taxes/types-of-trust) and it is wise to consult an experienced estate planning solicitor when creating one. Your will should consider not just legal requirements, but your family circumstances and objectives as outlined by you and an experienced solicitor can also help reduce its cost by taking advantage of available tax allowances and exemptions.

    Special Needs Wills

    As the needs of disabled individuals can be both numerous and intricate, the ways in which to provide for them can also be. Many families find it beneficial to establish special needs wills and trust accounts to ensure their disabled child will always be taken care of - even after they are no longer there - when necessary. Its trustees will oversee its funds, and while it offers great flexibility that allows it to change with your child's needs as they arise.

    SNTs allow assets such as money or life insurance policies to be held for the benefit of disabled individuals without them counting towards government benefit eligibility; this can be particularly helpful for parents of children with disabilities who worry that government assistance will run out by the time their child reaches adulthood and cannot support them financially.

    However, SNTs do carry risks. A mistake in its administration could jeopardize eligibility for income-restricted government services and aids, making their administration by an expert necessary and assets never paid directly to beneficiaries, but rather to an organization or service provider on their behalf.

    Money or property left in an SNT should never be used for personal expenses such as household repairs, food purchases or monthly bills, as this would likely be declared taxable by HMRC and considered as a gift from the trustees. To prevent this happening a vulnerable person election should be filed between both trustees and disabled beneficiaries using form VPE1.

    Special Needs Wills


    Trusts are legal arrangements where assets such as real estate, cash or stocks are transferred into a separate fund and held for the benefit of one or more people. There are various kinds of trusts that can be established, each having their own specific rules; but any time entering one you should seek legal advice first before doing so.

    An individual might wish to set up a trust for several reasons, including making sure their estate is distributed according to their wishes or protecting the family home from creditors. Trusts can also help reduce inheritance tax - something many families take seriously when planning ahead for retirement and the inevitable tax burden that follows them into retirement.

    England and Wales both have specific laws regarding trusts that govern how they function, with trustees who violate those regulations potentially facing prosecution. There are various duties trustees must fulfil such as being transparent with beneficiaries, managing the trust carefully and acting with good faith and reasonable skill and care when administering it.

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