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Trust Writing

TAYLOR LUCAS PARTNERSHIP

With you every step of the way

What Is A Will Trust?

A Will Trust is a legal framework which can be included as part of your will and can offer increased asset protection for your loved ones. Will Trusts are most commonly seen in the following circumstances:

  • You have a spouse or partner but children from a previous relationship

  • You wish to leave some of your estate to a vulnerable or disabled person

  • You wish to protect your estate against possible care fees in the future

  • You want to delay the distribution of your estate

What is a Trustee?

A Trustee is an individual who is appointed to take care of certain assets on the behalf of those due to inherit. They will be responsible for managing and distributing these assets. You can appoint more than one trustee. 

What does a Trustee have to do?

The Trustee will manage the asset that has been nominated to a beneficiary and will follow the instructions as they are laid out in the Will.

Essentially, the role of a Trustee is to hold the items reserved in the Trust and preserve their value until the time comes to release the inheritance to the beneficiary. As mentioned previously, they must adhere to the terms of the Trust and ensure that its purpose is fulfilled.

Are Trustees and Executors the same?

The role of a Trustee is not the same as the role of an Executor. The Executor is responsible for managing all aspects of estate administration, from obtaining the Grant of Probate (if applicable), to distributing inheritance to beneficiaries. The Trustee role comes into play at the time when beneficiaries are being paid from the estate; this is where the Executor role ends.

Do I have to appoint a Trustee?

It is not always necessary to appoint a Trustee when writing your Will. It is essential to choose and name a Trustee if the terms of your Will create a Trust. However, it will likely not be needed if your estate is only passing to adult beneficiaries who have full capacity. If you have children under the age of 18 when writing your Will, who are your chosen beneficiaries, then it is necessary to appoint a Trustee who would manage their inheritance until they reach 18 years of age.

Can I give my Trustees guidance? 

Yes, we recommend that you include a detailed Letter of Wishes alongside your Will and Trust. This will enable you to provide guidance for your Trustees as to what you would like to happen in certain scenarios. 

Types of Will Trusts

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