Leaving assets to a single Trust is a better solution than leaving assets absolutely, but is it the best solution when there are multiple beneficiaries? Multiple Trusts provides both you and your beneficiaries with even more flexibility.
For example if all of your Trustees (who may also be beneficiaries) of a Trust cannot agree on a course of action, it may be that the funds cannot be utilised for the benefit of beneficiaries as a result, meaning the Trust can’t operate effectively.
Separate Trusts are also useful in solving those tricky ‘who gets what’ issues that can arise. Allowing different Trustees to act across a number of Trusts means that each Trust can be managed independently of others. Establishing separate Trusts for each beneficiary also means that individuals needs can be accounted for, as you are able to choose who, what and how you wish your beneficiaries to benefit.
Where the Trustees of a Trust are concerned with one family or member of the family as opposed to numerous individuals with different needs, the management of the Trust can also be simpler. A group of simple Trusts is much simpler to manage than a single Trust with many purposes, mixed assets, multiple beneficiaries and more potential for conflict amongst them.
For help and advice on creating Multiple Sibling Trusts within a Will please contact Ferndown Business Network member David Booth at DB Consultancy on 07949 021118 or email firstname.lastname@example.org or let’s speak via FaceTime or Skype: theoxfordwillco_1