Mr and Mrs J called in to make what they thought were ‘simple, straightforward’ Wills. They had recently got married but had 3 grown up children from their marriage.
The couple thought their wishes were simple in that they wanted the surviving spouse to inherit the entire estate when the first spouse passed away; then they wanted to keep things simple and divide everything equally between their 3 children.
On discussing their wishes with the couple, it became apparent that their youngest son had severe learning difficulties and whilst able to live independently relied heavily upon benefits to support himself.
Our Will Writer explained to the couple that if they left a third of the estate to their son, this could impact on any means tested benefits he was receiving at that time and may mean that these benefits stopped entirely until such time as his inheritance was sufficiently diminished. The couple also had concerns as to whether their son would be able to manage his inheritance adequately.
Including a Trust in a Will
Our Will Writer also explained that, by including a particular type of Trust within their Wills, the couple could protect their inheritance for their youngest son and also name individuals to manage the Trust, and decide when and how it would be best for him to benefit from the Trust.
By including a Trust within their Wills, the couple were reassured that their son could continue to live comfortably and continue to enjoy his hobbies and excursions with his support group. They were also reassured that they could nominate their other two children to manage the money on their youngest son’s behalf and make sure that he could manage responsibly.