This is the most straightforward will which generally leaves most money, belongings and property to one person. It can also include some specific gifts to family, friends or charity.
Discretionary Trust will
You may wish to consider this as part of Inheritance Tax planning, or it could be you do not want to gift your money, belongings and property outright to someone and would rather add some protection by placing them into trust.
This type of Trust provides for your Trustees to look after the money for people that you want to benefit. The Trustees then choose who gets money, when they get it and in what amounts. This means they can choose when it is best to pay money out to your beneficiaries.
Interest in Possession
This is a useful trust that can be used to protect money, belongings and property to ensure they reach the intended person at the end of the day, but allows flexibility so that another person such as your spouse to enjoy the them during their lifetime. See Second marriages and care fees.
Disabled Beneficiary Trust
If you are leaving assets to someone who is disabled it is absolutely essential you consider placing this trust within your will.
If you leave assets to a disabled person outright, you may put them at risk of their benefits being stopped, or their inheritance being used up by paying for care. Depending on the type of disability they suffer with, they may not have the ability to manage a large sum of money. By placing their inheritance into trust, you are allowing them access to the money but it is managed by the Trustees.
Thanks to Laura Ikin at NewLaw Solicitors for writing this page for us.
Next update due: June 2017