Sometimes it is not practical to leave your estate to beneficiaries on your death.
Instead, money or assets can be left in trust, to be paid to beneficiaries at a future date.
Trustees of your choosing are appointed to manage the trust. You can issue guidance to them as to why the trust was set up and how you would wish them to use their powers in certain circumstances.
Your trustees can review the circumstances at the time of any distribution.
They are often used where an intended beneficiary has circumstances that may affect any inheritance. For example, they may be going through divorce, bankruptcy, or on benefits. They may be generally poor at managing money, or unable to manage money due to a disability.
Your trustees have absolute discretion as to which of your beneficiaries benefit and how. For example, it may be appropriate to pay a beneficiary an income for their life rather than a lump sum.
Please contact us for more information on setting up a discretionary trust will.