True Bearing

Will Trusts

A Trust can be included within your Will and can provide further asset protection for your estate. This type of Will is known as a Will Trust or a testamentary trust and allows an individual to benefit from the asset, without being the legal owner.

Here at True Bearing, we have been advising our clients on Will Trusts since 2014. Our Legal Intermediaries have completed a programme of extensive and in-depth training in order to develop the level of knowledge required to assist with Will Trusts. 

To speak to our expert team about any aspect of Will Trusts, call us today on 01257 260011 or fill out our contact form to request a call back at your convenience.

What is a Will Trust?

A Trust is a legal arrangement through which one person or institution (known as a trustee) holds legal title to the property for another institution (known as a beneficiary). A Will Trust is created within a Will to allow someone to benefit from an asset even though they are not the legal owner. It allows an individual to protect property that they hope to pass on to their family. It can also help to avoid sideways disinheritance. 

The Legal Intermediaries at True Bearing will be able to explain the potential impact of each of these legal processes in plain English and recommend the best approach for your personal circumstances.

There are a number of different Will Trusts available and we will use the most appropriate one for your situation. 

Why should I put my assets into a Will Trust?

Setting up a Will Trust can be very beneficial as part of your Estate Planning for several reasons: 

• To minimise or avoid the effects of Inheritance Tax
• To protect your assets from hostile creditors, such as divorce or bankruptcy
• To provide for individuals who are not capable of handling their own affairs, whether they be too young or incapacitated

How True Bearing can help you with Will Trusts

Once a Will Trust is set up, it is irrevocable. This means that you cannot make any changes to it or claim back your assets, thus it is really important that you are careful and deliberate in setting up a Will Trust. Our team is on hand to help you with this process and we can help you with the following:

• Advice on any legal implications that the Will Trust might have
• Ensuring that your Will Trust is as tax-efficient as possible
• Keeping you up to date with the law and rules surrounding Will Trusts
• Dealing with any compliance and paperwork

Why choose True Bearing? 

Our Legal Intermediaries have many years of combined experience advising on Legal matters and have undergone rigorous training. This means you can be assured that we are qualified in the advice we provide on Will Trusts. 

As a firm, we are focused on being caring, dynamic, and trusted - these are our three core values. If you are considering setting up a Will Trust, then we are on hand to guide you through this - get in touch with us today for a free, no-obligation discussion.

FAQs about Will Trusts

 

How much does it cost to set up a Will Trust? 

The initial appointment with the Legal Intermediary will be at our expense and can take place either in the comfort of your own home, online through Microsoft Teams, or in our offices in Chorley. We believe in transparency, so following our initial consultation, we will provide a proposal detailing all fees so that you fully understand the costs involved before going ahead.

If you choose to proceed with True Bearing to set up a Will Trust, then the cost of the service will depend on the type of Trust and also what you are putting into it.

How do I set up a Will Trust? 

The below steps are how to set up a Will Trust in simple terms, however, these steps should be carefully deliberated as the role of a Trustee is a serious responsibility. Once a Will Trust is set up, it may be irrevocable (meaning that should you change your mind further down the line about any part of the Will Trust, you will not be able to make any changes).

We would recommend getting in touch with our expert team of in-house Legal Intermediaries to guide you through this process to ensure that you are absolutely certain of the decisions you are making. 

1. Identify which assets you want to place into the trust and then decide on who you want to nominate as a trustee. The role of a trustee is a responsibility that should be taken seriously and so nominating one should be properly thought through. 
2. Then you will then need to decide on who the beneficiaries will be, and how much of the assets should pass onto a given beneficiary. 
3. Finally, you will need to then decide on the terms of the Will Trust - for example, what do you want to achieve with the Will Trust? How should the Will Trust be managed? These are the questions you must consider when deciding on the terms of the Will Trust.