WillPack

Bereaved Young Person’s Trusts

Bereaved Young Person's Trusts

In last week’s article we covered what a Bereaved Minor’s Trust is and its requirements. This week we will cover a similar trust, a Bereaved Young Person’s Trust also known as an 18-25 trust. This is another commonly used trust in wills that would arise if a gift is made to the testator’s own children … Read more Bereaved Young Person’s Trusts

Bereaved Minor’s Trusts – what are they and how do they work?

Bereaved Minors Trusts

A Bereaved Minor’s Trust is one of the most common trusts that will arise from a will. It is a trust that will arise if a gift is made to the testator’s own children with an age condition of 18. It will ensure that the children can be provided for whilst they are minors but … Read more Bereaved Minor’s Trusts – what are they and how do they work?

Flexible Life Interest Trusts and the Residential Nil Rate Band

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Ever since the Residential Nil Rate Band (RNRB) was announced, one of our most common queries has been how it relates to Flexible Life Interest Trusts (FLITs). What are FLITs FLITs are essentially a life interest for a person (usually the surviving spouse), with an underlying discretionary trust that will arise when the surviving spouse … Read more Flexible Life Interest Trusts and the Residential Nil Rate Band

IPDI vs FLIT

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Complex families often come with complex requirements to meet their long-term goals, and matters can be made more difficult when each testator has separate goals or concerns in mind. These goals usually revolve around the inheritance the children are to ultimately receive and when they receive it, and it certain cases, if they inherit at … Read more IPDI vs FLIT

Discretionary Trusts

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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 … Read more Discretionary Trusts

Commercial LPAs. What they are and what they do!

Commercial LPA Many business owners, partners and directors may not consider what would happen to their business should they be unable to make decisions for their business in the case of their mental incapacity, or if they plan on leaving the country for a long period of time. The answer could be an LPA. For … Read more Commercial LPAs. What they are and what they do!

Introduction to Guardianship

Appointment of Testamentary Guardians The appointment of testamentary guardians is rarely considered by parent, but it is highly desirable that they should consider who should look after their children if both were to lose their lives while their children are under eighteen. The appointment of a testamentary guardian can only be made by a person … Read more Introduction to Guardianship