The rich variety of family life can throw up a wide range of considerations when making your will. If you have been married before and have children from different relationships to provide for, or you are concerned about providing for relatives with physical or mental incapacity, then a trust in your will might be the solution you are looking for.
In this series of guides, Marie Tisdale, head of wills and probate law at Ansons Solicitors in Lichfield and Cannock, Staffordshire, gives her seven special reasons where a trust in your will might be beneficial.
Mr and Mrs Wise have children who are under 18 and may not appreciate the value of money yet. When making joint wills, Mr and Mrs Wise have chosen trustees to look after their children’s inheritance until their children are 25 years old. Their children will have access to the money, but only if the trustees agree to it. This means the trustees can control how the money is spent to prevent it being squandered. For example, the trustees will pay for school trips, university fees or a modest car but they may not sanction release of money for the purchase of a designer handbag or a sports car.
For further advice on trusts in your will, contact Marie Tisdale in the wills and probate team on 01543 267 981 or email@example.com. Ansons Solicitors has offices in Cannock and Lichfield, Staffordshire.