A Will is not always enough

When you think about it, everything has a downside, a disadvantage. To arrive at a ‘balanced decision’ you need to know the good and the bad.
So why then, when we go to arrange one of the most important documents we’ll ever possess, we don’t ask, “What are the disadvantages to making a Will?
If we did I suspect that would put more than a few solicitors and Will Writers on the spot! You can just imagine their consternation!

First, they would need to point out that after death, your Will becomes a public document, and for just £10 anyone can a get a copy! That will shock a great many people who genuinely believed that Wills are confidential and remain that way.

Their biggest difficulty will be to explain the significance that gifts made via a Will are absolute. This is not easy to explain, but it is essential you know because its effect puts the legacies your family receive at more risk than anything.

First off, absolute gifting means you cannot place conditions or restrictions on any of your legacies. The moment the beneficiary receives the gift he/she can do what they like with it no matter what your Will says.

It also means that your gifts are received with no protection whatsoever. From the moment your beneficiary receive your gift it can be lost to Nursing Care Fees, Divorce, Death and remarriage, Creditors/bankruptcy and Inheritance tax. The wealth that you built up can so easily end up in a stranger’s hands. You didn’t plan this, it is simply the consequence of using a Will to pass along your estate.

If you want certainty that the legacies you leave will stay within the family, a Will alone is not the answer. Put aside any preconceived ideas you may have about Trusts and take a good long look what modern Trusts can do and how they really work. You will be surprised to learn at just how flexible, beneficial and affordable they have become.

Trusts have been protecting assets since medieval times. Their initial purpose was to enable the Nobility and wealthy landowners to avoid paying taxes to the Crown. Today there are different threats, and so we now have a wider and more flexible range of trusts.

Don’t let their history fool you; trusts are no longer the prerogative of the wealthy.

Today, a pensioner can acquire the same Trust protection as any millionaire has, but with a much smaller price tag!  Life Planning not only provides trusts at a fraction of High Street prices, none of our trusts include any ‘maintenance’ fees so often associated with other trusts.

What’s more, you will be able to understand them!  We start with simple explanations (most trusts are in fact very simple indeed)and each trust we provide comes with its own ‘commentary’ explaining the different clauses etc.

Life Planning not only offers the fullest range of trusts at very affordable prices, but you don’t even have to leave the comfort of your own home to arrange a thing!

 Before you commit everything to a Will, do your family a favour and  consider how much good trusts might do for them.

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