People put off making a Will for a variety of reasons, either believing that those they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.
Life can change immediately
The reality is that life can change immediately, with no warning. The result being you put off making a Will until it’s too late, creating a complicated situation for the people left behind. It could mean that some or all of your inheritance either goes to the wrong person or to the state.
Everyone needs a Will
Everyone needs to make a Will, in particular anyone with dependants. Anyone who owns a property or has any type of asset which you would wish relatives, friends or charities to benefit from should also make a Will.
Plan what will happen to your estate
Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so in accordance with your wishes and at the same time avoiding any disputes between relatives.
Get some advice
For help and advice on creating a Will please contact Ferndown Business Network David Booth at DB Consultancy on 07949 021118. Email firstname.lastname@example.org or let’s speak via FaceTime or Skype: theoxfordwillco_1
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 email@example.com or let’s speak via FaceTime or Skype: theoxfordwillco_1