Wills
Our specialist team has decades of first-hand experience in creating bespoke wills that are carefully constructed to support vulnerable beneficiaries who may not be best placed to manage an inheritance themselves.
Sometimes a trust has been created during an individual’s lifetime by a trust deed. This is often the case when an individual needs to use a trust for their intended beneficiary for reasons such as inheritance tax planning or, for example, putting a property into trust for the beneficiary to live in. In such cases, the individual might want to leave additional funds to that trust upon their death, via their will. In other situations, there is no such lifetime trust and the trust provisions have to be written into the terms of the will.
The terms of the trust can have a significant impact on both inheritance tax in the individual’s estate and the ongoing tax within the trust itself. The right type of trust can, in many circumstances, utilise the main residence nil rate band for inheritance tax purposes.
In some circumstances, the best option is one of flexibility. By leaving a general discretionary trust of residue in the will, after taking into account the circumstances as they are at the time, trustees can exercise their powers to create optimal outcomes from both a tax perspective and that of an individual beneficiary’s needs.
In Practice
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Layla Ambersley-Broadbent
Legal Assistant
