The importance of Trusts
The Dangers of 'Marriage After Death'
It may sound like an impossible feat, but marriage after death is one of the main causes of wealth leaving the family line.
Many people have a standard will, leaving their wealth to their spouse and then to their children, but imagine what happens if you passed away and your spouse remarries and even starts - or marries into - another family. If your spouse then died, could you guarantee that your hard-earned cash would reach your own children? You are completely reliant on the good nature of someone you have never even met!
There is an answer, however. If your will distributes your wealth to a Trust, the named beneficiaries and their descendants are the only people who benefit from it. If your spouse then passes away, it’s your children who are next in line, not the new husband or wife.
The funds in the Trust are also out of the estates of the beneficiaries, meaning that they are protected from your children’s divorce, their creditors, their own remarriage, their care costs in later life, even their own inheritance tax assessment.
Adding wealth protection to your will in the form of a trust or two is an excellent way to ensure your money and property stays in the family line.
MVL Wills and Trusts Ltd of Battle can put in place a bespoke Trust-based estate protection plan to suit your needs. Contact estate planning advisor Andrew Mathias
Take a look at the following article from the Daily Mail: http://dailym.ai/1NGiuBZ