There are several types of trusts that can be utilised for many circumstances, subject to the needs and requirements of the individual and their estate. An advantage is that a trust is a way of protecting and keeping control of assets for the beneficiaries as the assets are passed in to the trust and not directly to the beneficiaries.

Who would this benefit

Sideways Disinheritance is a very common theme and a term used where children lose out on their share of their parent’s estate
due to a remarriage of the surviving spouse.

An example of this would be where: Mr. & Mrs. Jones have made Mirror Wills to leave their estate to each other and then to their 2 children. Mr. Jones passes away and 4 years later Mrs. Jones remarries Mr. Smith who also has 2 children from a previous marriage, but unknowingly doesn’t realise a marriage revokes her previous Will. 4 years after the marriage, Mrs. Jones passes away unexpectedly without a valid Will, therefore her estate now falls under the Laws of Intestacy and the estate passes to her husband Mr. Smith and not to her 2 children as she and her deceased husband originally wanted - leaving the children completely disinherited.

Another example is where you could be in a second relationship and only have basic wills in place, leaving everything to each other and then the children.  If you pass away the surviving partner could change their Will and cut out your children altogether.

Fortunately the above can be protected and safeguarded against with some simple advice and planning, utilising the correct trust to ensure the estate is passed to the RIGHT people at the RIGHT time in the way YOU WANTED.

For further information on this subject, making a will or protecting your children’s inheritance, why not contact us to book a free no obligation appointment to find out more.