The following are two key considerations that can work alongside your Will.
A Trust is a legal arrangement that can help ensure that life policies, for example, are paid out speedily to the beneficiaries. This would mean that there’s one less issue to worry about at a difficult time for the family.
A Trust can also be used to protect beneficiaries who might be too young to handle their affairs.
Consider the children
If a Guardianship arrangement is not in place to protect young children – and both parents were to sadly die at the same time – then the children may have to go into care!
The simplest way to protect against this is through a Will, or by having a Guardianship letter in place, both of which will set out your wishes, and whom you want to appoint as a guardian.
Similar issues may occur if a couple aren’t married, where the mother dies and she hasn’t previously granted parental rights.
Not all protection policies should be written in Trust, so do take advice.
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Should you have a need for Will Writing, Inheritance Tax and Estate Planning you will be advised by Frog Wealth Management.
Will Writing, Inheritance Tax and Estate Planning is not regulated by the Financial Conduct Authority.