There are no legally defined terms for a Will ‘type’ and different companies tend to have their own descriptions and definitions. Here are ours!
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There are no legally defined terms for a Will ‘type’ and different companies tend to have their own descriptions and definitions. Here are ours!
Typically where everything is left to each other on first death and then to the children, in equal proportion if more than one, on second death (to include ‘guardians’ where applicable).
As ‘Basic Wills’ but with the additional protection of a trust, for example a Property Protection Trust (a ‘life interest’ trust for the surviving spouse in respect of half of the main residence), or a Discretionary Will Trust to collect the residuary estate on second death to protect children against divorce, bankruptcy and second generation IHT.
Where more than one trust or, for instance, where Lifetime Discretionary Trusts are required. Each one of these Complex Wills will be client specific and quoted for separately.
Whilst most don’t think about Power of Attorney until parents are in their late 70s or early 80s, perhaps becoming more and more forgetful, it’s never too soon to make arrangements such that, should a client lose mental or physical capacity, or the will to want to act for themselves, then the ability to do so can be evidenced by their attorney.
By failing to make these arrangements families might need to have recourse to the Court of Protection and the Office of the Public Guardian, which is not only expensive but incredibly time consuming.
At Ridgecrest Wills & Trusts Ltd we recognise that protecting the death benefits of life policies, DC pension funds and death-in-service schemes is imperative but that it doesn’t happen anywhere near enough, perhaps because there’s a nervousness around using the forms. There is, however, a wealth of support on the SJP Intranet and the following links take you to the APT and Discretionary Trusts ‘how to’ guides (you will need to be logged on for the links to work):
Ridgecrest Wills & Trusts was set up to serve the SJP adviser community and their clients with a straight-forward solution to ensure that not one client is left with their holistic wealth management programme incomplete because they have failed to carry out effective Estate Planning.
For further information on our services, please feel free to contact us at:
Ridgecrest Wills & Trusts Ltd, PO Box 11156, Newark, NG24 9RG
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