Trust funds in Wills

One of the options to consider when writing a Will is whether you should leave gifts to people directly, or to a trust fund to manage them on the recipient’s behalf.

Situations such as this could include where a recipient is under the age of 18 and unable to own a home, or where they might not be deemed able to manage their financial affairs.

A trust is also a way of separating the asset you want to leave from the person who would benefit from it – which can be particularly useful if the recipient is receiving any form of state benefits.

For example, a person receiving benefits could find that their benefits are reduced if they are presumed, thanks to a gift in Will to be able to financially support themselves. By putting the gift into a trust, they can gain from the gift without reducing their state benefits.

Setting up a trust is a more complicated issue.

We would recommend contacting our partners at Ravenswood Trustees if the person you want to leave a gift to has a learning disability.

For a free Will writing service, visit our partners at Bequeathed.

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