Wills vs trusts: what’s the difference?
Both Wills and trusts are extremely important documents when it comes to estate planning, and while people are generally familiar with both terms, the differences between them are not always known. Some trusts are activated when the grantor or settlor signs then trust deed and can be used to make arrangements before or after death. However, there are many different types, and this isn’t true for all. By contrast, a Will only comes into effect once you pass away.
Following your death, a Will passes through probate. This means that a court must establish the Will is valid and oversees the administration of the Will to ensure that the property gets distributed the way you wanted. Your beneficiaries will not need to go through Probate to access the assets left to them in a Trust. This means that this often-onerous task can be largely avoided, which means less stress and cost for your loved ones. A Trust also remains private, unlike a Will which becomes a public document.
How we can help
The thought of setting up a trust might seem overwhelming, as there are many different types with each one used for different things. We’ll be happy to talk you through the various trusts and find the one best suited to your circumstances. We can help you set up a trust to safely pass on assets to the next generation, fund education for your children and grandchildren and provide for vulnerable loved ones. We appreciate that making these decisions is a very personal process and assure all our clients that we handle each situation with the utmost sensitivity.
We have deep knowledge and significant experience in will writing, lasting power of attorney – both health and welfare LPA and property and financial LPA – as well as trusts, please feel free to get in touch today.