Why have a Will? — Samantha Strong from Strong Wills Legal Ltd
With Remember a Charity Week approaching (9—15th September), we have teamed up with Strong Wills Legal Ltd to help offer some guidance on Will writing and the importance of having one in place. Samantha offers her expert insight…
Why have a Will?
Without a Will in place, the probate process takes longer and is more complex, leaving more of a headache for your family to deal with once you are gone. I like to compare the process of probate with/without a Will to putting together some flatpack furniture with/without the instruction book; you may get there in the end but it’s certainly quicker and simpler to get to the end goal with the instructions to hand, as it is with a Will for probate. A Will also allows you to distribute your estate as you would wish, including gifts of specific items to family and friends, legacy gifts to charity, making provisions for pets, leaving gifts to stepchildren and putting in place special provisions for vulnerable family members. Without a Will, the estate will simply be passed to your closest surviving blood relative(s), which may not always be the right choice.
How can I best protect my vulnerable family member(s)?
When it comes to writing your Will, there are various options to consider to best protect vulnerable beneficiaries. For young children you can choose to place their inheritance in a trust managed by trustees of your choice up to the age of 25, after which time the child would then receive the inheritance in full. However this may not be the best option for more vulnerable beneficiaries of any age who receive benefits and/or would be unable to manage their own financial affairs. An alternative option to consider would be placing that child’s inheritance into a ‘Vulnerable Person’s Trust’ (also known as a Disabled Person’s Trust). This type of trust would manage the vulnerable beneficiary’s inheritance for the rest of their life (or as long as funds remain) and be managed by the trustees of your choice, who would be able to forward funds to the vulnerable beneficiary or apply funds on their behalf as and when required. Whilst the money remains in the trust it would not compromise any means-tested benefits that the beneficiary may receive. A letter of wishes can also be prepared to sit alongside the trust which sets out some guidance for your trustees regarding how the trust should be managed, if desired.
Who qualifies as a ‘vulnerable beneficiary’?
To be able to utilise a Vulnerable Person’s Trust, the beneficiary either needs to be eligible for (whether or not they actually receive it): adult disability payment, child disability payment, attendance allowance, disability living allowance for adults or children, personal independence payment (PIP), industrial injuries disablement benefit OR a qualifying condition under the Mental Health Act 1983 such as depression, OCD, ADHD, anxiety, autism, bipolar disorder, schizophrenia, personality disorders, mood disorders and eating disorders.
For more information about Vulnerable Person’s Trusts or putting in place a Will in general, please feel free to get in touch by emailing info@strongwills.co.uk.
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