There are many types of Trust which can be useful when combine with a Will. There are also other trusts which can be used for tax planning purposes and to protect assets such as the family home.  We have added special pages for these if you follow the trust menu downwards, though they are written by a sister company.

Some are common – like trusts for children who are under 18.  Under the age of 18, children can’t generally inherit, so the money automatically goes into a pretty restrictive trust if there is not a proper Last Will in place.

Secrets Will Trusts

are ideal for keeping the wraps on mistresses, secret children, or just that friend that your partner hates!

Life Interest Will Trusts.

These typically allow someone to stay in your home or one you have provided for them, for a specific time, or more commonly for the rest of their lives.  After that, your family would inherit the asset or property under the terms of your original Will.  Often used to protect the interests of unmarried couples or couples with separate families.  Equally useful where the beneficiary needs a home but may not be able to handle the responsibility, so they might just lose the whole thing.

Protective Property Will Trusts.

These are very common, and in most cases are no longer appropriate.   There is a simple explanation of how they work at www.Asset-Protection-Secrets.co.uk but essentially they enabled joint owners of homes to divide the home in (legal) half and to leave a life time right of residence (as above) to the survivor.  This meant that the survivor was able to stay in the home (or move) whilst only owning half of it.  It offered limited protection from creditors such as care homes.

We strongly advise anyone with Protective Property Trust Wills or Will where “severance of tenancy” has taken place to contact us for a free review.