It’s a common phrase in our industry even if it does sound like an impossible feat, but marriage after death is frequently responsible for family 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 would happen if you passed away and your spouse remarried and even started – or married into – another family. If your spouse then died, could you guarantee that your hard-earned cash reached your own children? You could be entirely 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 can 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 safe from your children’s creditors, their divorce, their care costs in later life, even their own inheritance tax assessment.
We all know that making a will is crucial as we never know when our time is up but 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 for a free consultation at our offices or in the comfort of your own home, or call or email for more information on 01424 577070 and info@mvlwillsandtrusts.co.uk.
Take a look at the following article from the Daily Mail: http://dailym.ai/1NGiuBZ