Discretionary Trusts, WillPack, House, Money, Table

Discretionary Trusts

By | Property, Trustees, Trusts | No Comments

The Discretionary Trust is a common Trust for a Testator to use for their children to ensure that they do not inherit directly from their estate. The reasons for this can vary, for example, protecting assets from potential divorce, drinking or gambling issues, or the testators may wish that their assets are distributed in a particular manner or at certain points in their children’s lives that are outside the capabilities of the Will itself. This type of trust is effective because the assets are held and managed by the Trustees to distribute to the beneficiaries at their own discretion, hence the name of the trust and just because a beneficiary is named under the trust does not mean that they are absolutely entitled to any assets – useful where the Trustees may have concerns over how the money may be used.  Where beneficiaries are named under the Trust; this can…

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WillPack

PPTs: Concerns with Mortgages and Equity Release

By | Trusts | One Comment

PPTs: Concerns with Mortgages and Equity Release PPTs and Mortgages Should clients wish to use Protective Property Trusts (PPTs) in their Wills with a property that is subject to a mortgage, they should be aware that a share of the property cannot enter a PPT on first death as technically until the mortgage has been settled the clients do not fully own the property. The most simple solution to this would be to ensure that both clients have life cover in place to cover the mortgage on first death. Alternatively, if the Residuary Estate would have enough assets to fully cover the mortgage on first death, the Executors could use the Residue to pay the outstanding mortgage off. If on death there is still a mortgage on the property and neither of these are possible, the survivor does still have limited options; They can sell and downsize if the PPT…

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WillPack Administrative Procedures

By | Admin | No Comments
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