Wills And Trusts: Everything You Need To Know
Writing your own will is so important and it’s vital that you have one to lay out all of your wishes clearly in a legal document. It ensures that everything you own such as your possessions and assets are shared to the people you want and that your family are protected in the future. It ultimately gives you the peace of mind, knowing that there will be no hassles or problems after you pass away.
A trust may also need to be put in place to make sure that any property you have is passed onto the person you want. But sometimes it can be difficult to know exactly what the difference is between a will and a trust. Here’s everything you need to know…
What Is The Difference Between Wills And Trusts?
In basic terms, a trust is created similarly to how a will is. They are both useful in creating plans for the future and protecting any assets you may have. But with a trust agreement, it allows you to protect any properties, investments or savings that you look to pass onto your family. The difference being is that it comes into effect as soon as it is officially created, rather than after you pass away.
A will is a legal document that carries your wishes, but can only be used once you have passed away. Within the document, it describes how you wish all your affairs to be handled, who your assets and possessions will go to and anything else that is important.
When you set up a will, you may be given the option to set up a trust or appoint a trusted person, (often known as executors) to organise your affairs after you pass away. This is a great way to make sure that all your assets are secure while you’re alive and after you die.
What Happens If I Don’t Set Up A Will…
Surprisingly dying without a will is still very common. In 2017, statistics showed that over one in two UK adults still haven’t made a will. In the case that you die without a will, the law then decides how your assets and property is divided up. Because you’ve died intestate, it doesn’t matter what relationships you had when you were alive.
When this kind of situation happens it can often make matters more difficult and cause a riff in the family. According to Money Advice Service, some parents have actually had to sue their own children just to get a share in their partner’s estate or assets.
A total of £8 million went to the Government last year. It really is so important to have your own will.
How To Set Up A Will And A Trust…
The easiest way to set up wills and trust is by using a qualified solicitor. They can ensure that all your wishes are laid out correctly and that it is an official, legal document. They’re the experts who can make sure that everything is watertight with no mistakes, helping you to be protected for now and the future.
If you’re looking for a specialist solicitor to help you create your own will or trust today, then get in touch today. Our friendly and professional team can guide you through the whole process from start to finish.