How do you own your property?

When you are writing your Will and deciding what happens to your property it is important that you understand how it is actually owned as this can affect what you can and cannot do in your Will. It could also mean that extra trusts have to be put in to protect loved ones from losing their home in the event of your death. There are two main ways that property can be held: solely or jointly. If you don’t know how your property is currently owned or what that means for you, don’t worry. It’s a relatively simple process for
Read More

Why is document storage important?

When you create your Will or any other important document it is crucial that you then store it somewhere safe. There are several options for doing this: At home in a safety deposit box, filing cabinet or home safe Online storage (for copies) Storage with your bank or your solicitor Secure offsite storage When looking at your options you should consider the ABC of storage… If you are considering storing with me there are some great benefits that the Society of Will Writers (SWW) secure storage can offer: If a private storage organisation (including solicitors) stop trading they hand all
Read More

Flexible Life Interest Trust – An Ideal Solution for Blended Families

A Flexible Life Interest Trust is very useful for blended families, where the testator is concerned about their partner leaving assets to future children or step-children after their death. It can also be used to potentially reduce inheritance tax. As it is New Year and we all need cheering up – here is a fairy story to illustrate my point: Snow White’s father (Mr White?) realises he made a mistake by marrying his second wife. He wants her to be comfortable after his death, but does not want her to inherit his £5million estate. In his Will, he places all
Read More

The Protective Property Trust – Protect your assets for your children

Imagine the following family situation: Fred and Wilma, a happily married couple, one daughter, Pebbles. They want to make mirror Wills leaving all to their daughter Pebbles when they die. However, I point out to them that, if Fred dies young, Wilma could fall in love with (say) Barney, who has a son Bam Bam. She could change her Will to dilute Pebbles’ share. A similar situation could arise if Wilma died young. What would be the solution? A Protective Property Trust. Here is how it works A Protective Property Trust is a Trust that is put into the Wills of a couple so
Read More

What is a Trust and do I need one?

A Trust is a legal arrangement in which a person (the Settlor) transfers the ownership of some of his or her assets to one or more Trustees, who manage the assets on behalf of one or more Beneficiaries (who will receive the assets or income). There are many reasons why this would be done: The Beneficiary is under age and therefore too young to handle their own affairs The Beneficiary has limited mental capacity to be able to handle their own affairs To control and protect family assets To pass on assets while you’re still alive To protect family’s assets
Read More