Heirloom Trust Wills
How can you leave your assets to benefit your family for generations to come?
Your Will is essentially a set of instructions on how your assets will be distributed on your death to your immediate beneficiaries.
Beyond that, without further action your assets have no protection for future generations from Inheritance Tax or other threats.
Your beneficiaries may divorce and your assets be part of the divorce settlement to a third party.
The Local Authority may have a claim when assessing care fees, or other creditors may have rights to those assets if not protected by you.
Your beneficiaries may have to pay Inheritance Tax if they have other assets combined with your legacy.
Your heirs may be unable to manage their own affairs, perhaps because they are disabled.
They may lose state benefits.
They may have an addiction, mental illness or are simply unable to manage money and need protecting.
So how can you leave assets so they can benefit your family for generations to come?
By putting all your net assets, once Inheritance Tax has been paid on them, into an Heirloom family trust, rather than leaving them directly to your children.
The establishment of an Heirloom Trust Will enables you to minimise Inheritance Tax and maximise the assets kept within the family for future generations.
Family assets will be owned by the Trust so the inheritance Tax regime will be much lower than the 40% personal rate.
The trustees will all normally be family Members so there will be no outside interference or third party fees payable.
There will be no need for Trust accounts to be drawn up annually in most cases.
Their children can borrow and use assets freely without prejudicing the tax position (as long as they obtain the permission of the trustees and agree to return the money borrowed to the trust on death).
The Trust can be ended by the Trustees at any time if desired, although this may incur a tax charge if done after the first 10 years and if the assets are then worth over £325,000.
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Ensure your will is legal
- Sign it in the presence of 2 witnesses who are both over 18.
- Have it signed by your 2 witnesses, in your presence.
- You cannot leave your witnesses (or their married partners) anything in your will.
If you make any changes to your will you must follow the same signing and witnessing process.
If your Will is not legally signed you may as well have not made one.
Ensure your Executors can find your Will
If your family or executors cannot find your Will after you have died, then you will likely die intestate. Find safe, secure storage for your Will and tell your family and Executors where it is stored.
If your Will cannot be found, you may as well have not made one.