Discretionary Trust Will Solicitors
In Bognor Regis, West Sussex
Laws surrounding all types of trust wills can seem complicated. Our discretionary trust will writing solicitors at MJR Solicitors can give you the help and support you need from our offices in Bognor Regis, West Sussex.
Home » Services » Wills & Estate Planning » Discretionary Trust Wills
What Is A Discretionary Trust?
A Discretionary Trust something you can place into your Will leaving certain assets or money in a Trust. You then nominate Trustees to look after i.e “administer” the trust.
How do they work?
There are numerous types of trust and lots of variations on each individual trust and no two trusts are identical. For a Discretionary Trust, you nominate a “class” or “group” or “named” people to inherit your estate. You can even nominate a class to include people born or to be added after your death.
The important part to note about this trust is “Discretionary”. You are providing for a trust that can vary in how it is administered.
So why make a Trust like this?
These trusts are extremely useful if you are unsure of circumstances at your death and want to ensure your estate passes subject to certain criteria being met. Don’t think “Brewster’s millions” and it being a chance to play games, more like, a beneficiary who is a bit of a spendthrift, or, easily influenced, you may want to protect them from having control of significant amounts of money or assets and you want to protect them from the harm which can sometimes occur being given all this responsibility in one go.
Honest advice
Personal one-to-one service
Dedicated firm
Local experienced team
Straightforward outlined costs
How do my trustees know what to do?
You leave a “letter of wishes” with the Will outlining what you want to happen, when, where and sometimes even why. It is very important to note! Your trustees are not bound by the letter. It is an indication of how you “wish” the trust to be administered.
What protection does it offer?
There are several potential protections:-
- Young or disabled beneficiaries, may need help looking after finances/assets
- Do they receive benefits? A Lump sum could alter their ability to receive these funds and have an undesired effect of them losing state assistance and the inheritance simply dwindles and adds nothing extra
- Mental Health issues? Addiction issues? You may want to provide for a loved one who is currently suffering with an addiction, providing large funds may make that far worse, would it be better to nominate someone to help and assist them.
- As mentioned above, spendthrift or easily influenced
Discretionary Trust Wills from £425 plus VAT per Will & Severance of Tenancy from £145 plus VAT (contact us for our latest special offers).
For more information on our Will services or to arrange an appointment, contact us online or by phone today for an initial consultation:
mark@mjrsolicitors.co.uk
info@mjrsolicitors.co.uk
01243 945054
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We provide a unique and personal service by delivering the highest quality legal services and advice in a down to earth manner.
As your solicitors we will be at your side throughout your case, we will listen to you with care and understanding, and give you clear expert advice based on over 35 years’ experience in wills, probate and family law.
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Middleton Office:
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128 Middleton Road, Middleton-on-Sea, PO22 6DB
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Arcade Business Centre, 2a Arcade Road, Littlehampton, BN17 5AR
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