Types of Wills
Life Interest Wills
A Life Interest Will can protect specific beneficiaries’ inheritance at the same time as ensuring financial security for your spouse.
For example, a standard Will leaving everything to your partner would mean your assets would become theirs when you died. Then, on their death, those assets are passed on to their beneficiaries – potentially totally depriving your children from a former marriage of any inheritance.
However, a Life Interest Will allows you to avoid this situation, keeping you in control of where your assets are distributed. If you own your home outright and want to leave it to your children but allow your partner to live in it after you have died, you can give your partner a life interest in the property.
Protective Trust Wills
Parents of disabled children are often unsure of the best way to provide for their child's future which can lead to delays in making a Will. However, if you don't make a Will or don’t put enough provision in a Will for a disabled child, there is a risk of a challenge later on by the child, or the local authority acting on the child's behalf. This can then impact on your other children, or other beneficiaries within the Will.
However, by setting up a Protective Trust, you can protect your child from these problems. In a Protective Trust Will your child's entitlement to means tested benefits is not affected as they do not ‘own’ the trust money until it is paid out to them. The estate also does not have to involve the Court of Protection should there be any issues relating to mental capacity.
Under a Protective Trust Will, your child's interests and inheritance are protected by the trustees and you can be reassured that their inheritance will go towards ensuring that they have the best quality of life possible.
Joint Ownership of Property
There are two ways you can jointly own property with someone else, and the way you own property can have huge knock-on effects for what happens on your death. Do you know how you own your property? If not, contact us. We can find out for you and advise on what this means for you. If you need to change how you own your property, we can easily do this for you.