Asset Preservation Trust Wills
There are many reasons why people set up either asset preservation or discretionary trusts in their Wills.
With second marriages and “blended families” becoming more common people often have conflicting loyalties between a new spouse and children of their first marriage. Setting up an asset preservation trust Will whereby a spouse may be given a life interest only with the ultimate capital passing to children may provide some balance. Alternatively, a discretionary trust can be incorporated into the Will so that funds are released for the benefit of the beneficiaries depending on the circumstances at the time.
Other reasons include:
- Protecting the wealth in the family home for future generations
- Possibility of a beneficiary getting divorced in the future
- Potential bankruptcy of a beneficiary
- Vulnerable beneficiary e.g. owing to alcohol or drug problems or mental incapacity
- Preserving a beneficiary’s future entitlements to state benefits
Do please contact us if you wish to discuss your requirements more fully.