A Will states who will inherit your estate and when, however, not many people realise that there is more to take into consideration such as what if one of the beneficiaries you wish to inherit goes through a divorce? The money you intended for that person is now split with someone else. What if they go through bankruptcy?
Writing a Will makes you think of situations which you may never have thought of. You’re encouraged to consider all the ‘what ifs’ that could occur in life. How would you feel if your child had to split their inheritance with their spouse who they are divorcing?
The modern day Will benefits from Trust Planning. With modern day society changing, a basic will unfortunately does have risks that could mean your wishes go fulfilled.
A Trust can prevent any third party attacks protecting the inheritance from divorce, bankruptcy, care fees etc.
Trusts are especially important should you have children from different relationships to prevent sideways inheritance (meaning if one person passes away and the remaining partner/spouse remarries then children may not see their inheritance as the estate can go to the new spouse), which unfortunately is a common scenario within the UK. This to my surprise goes amiss far too easily. However, we like to make our client fully aware of this risk.
For more information contact Bhavin Gandhi.
0800 999 7750