Wills and Trusts

A trust can be active during your lifetime or after death.

A Will only comes into effect upon your death. Wills must go through probate, making them public and challengeable.

Trusts are usually private and can bypass probate. A trust can have tax benefits. Only a Will can appoint a guardian for dependents and funeral wishes.

Once a grant of probate has been issued the Will becomes public and anyone can request a copy.

It is possible to challenge a Will. Even after probate; although it is advisable to file a claim promptly.

Having a Will is important for several reasons.

Firstly, it allows you to choose a guardian for your children.  A Will ensures your partner is protected - even if you are unmarried.

It secures your family home and mitigates any potential family disagreements.  It is an efficient mechanism to manage inheritance tax and, last, but not least, make sure your pets are looked after.

All of these reasons make a Will essential.

A trustee manages assets like land or money that is kept in a ‘Trust’.

The trust protects these assets and ensures they’re used according to the wishes of the person who created the trust; known as the ‘settlor’.

We offer a secure storage service via CTT Group, some banks offer storage, probate services, at home, some solicitors offer a service.

It is important to talk this through with one of our Estate Planning Consultants to select the most appropriate service for you.

Yes and No.

This is one to talk to your Estate Planning Consultant about as it can be a complex answer.