Focus SWW Autumn 2018 | Page 17

u need w about g a will about their cause. Any charitable gifts you make in your Will are also free from inheritance tax. 8. Trusts Using trusts in your Will you can protect your assets such as your family home for your children while still providing for your partner during their lifetime. You can also use trusts to hold assets on behalf of a child until they reach a certain age, or to protect a beneficiary from their own improvidence. Decisions you need to make? Aside from the aspects covered under the ‘why do you need a Will?’ you should consider the following: Appointing Trustees By definition a trustee is an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified. When you write your Will you have the freedom to choose who you would like to administer the estate and for who you would like to manage assets. Are you excluding anyone? If there is someone specific that you do not what to inherit from your estate, then you should give careful consideration to the effects of excluding them from your Will. Consider whether they could be able to successfully challenge your Will. If they believe reasonable provision should be made then they will be likely to challenge under the Inheritance (Provision for Family and Dependants) Act 1975. Your Will writer should tell you who is likely to be able to make a claim and some chose to make provision for these parties. If you are choosing to exclude someone from your Will then you might want to write a letter of There are many reasons that you would appoint someone to manage assets in your Will. If for example you wanted someone to benefit from a monetary sum from your estate but were worried that they wouldn’t manage if the sum was given to them then you could appoint someone to manage the money and ‘drip feed’ it. When you appoint a trustee, it should be someone that you trust. If they were to mismanage the assets then this could be a criminal offence. If there is no one that you would trust to handle the assets you would ultimately like to pass on to a beneficiary then you could appoint a professional trustee. Organisations that work in private client will have divisions that can help. The SWW Trust Corporation do exactly this. They act as both professional trustees and attorneys and can make decisions in accordance with the wish of the donor or testator. The Society of Will Writers 15