How can a Will be used to make a provision for care?
A Will can be used to make a provision of care for vulnerable people after you have died by creating a Trust within your Will. By doing this you can make sure that the funds you provide for individuals will be used for their intended purpose.
Trusts created in your Will only take effect on your death so you can still use your assets throughout your lifetime. What’s left when you die will be put into the Trust and passed on as directed by your Will.
How can estate planning affect a provision for care?
For estate planning purposes, any assets which you own jointly will pass automatically on first death to the surviving owner. The asset will not form part of your estate (if you are the first to die) and will not be distributed in accordance with the terms of your Will. If you wish for joint assets to form part of your estate, you may want to change the ownership of these to either hold your respective shares in your sole names or in a different form of joint ownership.
For example, with property, you can either own it as ‘beneficial joint tenants’ or as ‘tenants in common’. If you own your property as beneficial joint tenants, then it will automatically pass to the surviving owner on first death and will not be affected by the terms of your Will. However, if you own the property as tenants in common, then you each own a distinct share of the property which forms part of your estate on death and can be dealt with by your Will.
How can SAS Daniels help with the provision of care for children and seniors?
Our specialist team have a wide range of knowledge and experience in drafting Wills which include the appropriate Trusts. We can make sure that any assets that you want to leave behind are not only distributed to the right person but used for their intended purpose. For example, we can help you make sure that:
- Money provided for the care of children is not wasted;
- Money to look after seniors does not add value to their estate for inheritance tax purposes;
- Protection can be built in for those who may have difficult family issues or who might face bankruptcy;
- Provision can be made for family members who are unable to manage their own funds or who are in receipt of benefits;
- Wealth can be preserved for future generations in the event of a change in circumstances.
By taking specialist advice on how a Trust within your Will can be used to provide care for individuals when you die, you can be reassured and confident that your wishes will be reflected.
For more information on the provision of care in a Will for a child or for a senior person, please contact our Wills & Wealth Planning team via our contact form, or call us on 0161 475 7676.