Sensible planning can minimise the liability of your estate to inheritance tax.
By creating a trust in your Will you can allow your partner to have the use of your house, or your share of it, for the rest of his or her life, while ensuring that it passes to your own children once your partner dies. You can make provision for a disabled relative who may not be able to manage their own money by leaving a gift in trust.
A discretionary trust is a type of trust which allows your chosen trustees to decide which of the beneficiaries you have named should benefit, when and by how much. You cannot choose when you die, but the trust allows your trustees to ensure that your family or friends benefit in a suitable way at a suitable time. You can leave a letter explaining to your trustees how you want them to administer the trust – for instance, you may want them to make it their priority to help all your grandchildren through university before dividing whatever is left between your children.
Our specialist solicitors offer a friendly, efficient service. We can often offer same day appointments – please ask us.
Contact our Will Solicitors in Wakefield on 01924 332395.