Trusts Wills | Niche Will Writing

3 Essentials When Your Child Is Born

April 10, 2010 By admin Leave a Comment

You’ve had the bag packed weeks in advance. The bedroom in your London apartment is decorated in yellow as you haven’t found out the sex. You think you are prepared for parenthood but that is just the beginning!

As Will Writers and Insurance Advisers the birth is the where the planning needs to start, and start immediately.

There are 3 essentials that need to be arranged before you sit back in the armchair and start to knit:

Make a Will
Arrange financial protection
Utilise the Government gift to open a Child trust Fund

Make a Will

Making a Will is important as it gives a clear indication on your preferred guardians. Perhaps it’s hard to imagine as you have just witnessed the wonder of life but as parents regrettably we are not immortal. The sad fact is parents can die together or in close proximately.

So how does drafting a Will help? Well it enables you to specify your child’s preferred guardians. Also as you write a Will in your life time you have the opportunity to discuss who would be the best choice. So start the debate straight away and record the conclusion in the most appropriate place which is a Will. Do not leave your child unprotected as without a Will your children will probably find themselves in Social Services until the Courts decide.

Arrange financial protection

Why is life insurance important for young families? Well it basically will replace the income lost by the death of a breadwinner. To ensure you surviving spouse and the children will enjoy their comfortable lives in the same way they would have expected.

Ask your Will Writer if they are qualified to give this advice, the best always are and invariably they will research the insurance market for you free of charge.

Utilise the Government gift to open a Child trust Fund

The Government makes a payment to every child, with a further payment in year seven. Use this money to set up a child trust fund that can grow free of savings tax. Parents can also contribute an annual sum without tax implications as well. It is very rare for the Government to provide money so take it and use it wisely.

Niche Advice in London
London Will Writers | London Insurance
E: infonicheadvice.co.uk
www.nicheadvice.co.uk
www.nichewills,co.uk

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Filed Under: Making a Will, Trusts wills, Writing a will Tagged With: Family Wills, Professional Will Writing services, Why you need a Will, writing a simple will, Writing a will

Trustee’s Responsibilities Under Scrutiny

March 30, 2010 By admin 1 Comment

As Will Writer in London we often see Trustees selected based on ‘likeability’ without enough thought as to whether they are suitable to make sound investment decisions.

The role of a Trustee requires a ‘Duty of Care’ and willingness to make the money left by the Estate work until it is passed to the beneficiary. Also Statutory duty directs towards the ‘modern portfolio theory’, which states that Trustees should seek to establish a suitable level of risk and diversification across all assets.

As our Society becomes more akin to operating in a environment of a ‘suing culture’ a stark warning needs to be given to everyone Making a Will to choose their Trustees carefully and perhaps even prime or test them on their obligations and width of their investment remit. If you remain unconvinced that consider alternatives or advise that in the event of your death you do not want them to undertake this responsibility alone and steer them towards the professional services of a Financial Advisor, and fund this out of your directions in the Will.

Our London Will writing Consultants are often asked to put a trust in place to prevent minors from frivolous spending until the money can be fully appreciated, and it now looks like the excused can turn the excuser if the Trustees do not perform as expected. So think carefully when choosing your Trustee as not only will they have to invest money wisely they will also need to withstand potential scrutiny.

Niche Will Writers in London | London Will Writers
Members of The Society of Will Writers
www.nichewills.co.uk
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Filed Under: Trustee’s, Trusts wills Tagged With: Becoming a Trustee, Trustee’s Duties, Trustee’s Responsibilities, What is a Trustee

Writing A Trust

February 25, 2010 By admin Leave a Comment

Writing A Trust – What Are The Roles Of The People Involved

There are three very distinct personnel involved when you write a trust and it is the job of our London based Will Writers to explain each of them, and this can be done in the comfort of your London home.

The Settlor

If you write a trust you are known as the settlor. The role of the settler is to appoint trustees to administer the trust and decide who the beneficiaries will be. They will of course, be the person who decides what assets or property go into the trust. So who can be a trustee, well someone aged 18 or over, who is of sound mind.

The Trustees

The Trustees are the persons you choose to administer the trust fund for the sole benefit of the beneficiaries

Our London based Will Writers are trained to assist you in the selection of your trustees. Our Will Writers will emphasis the important of choosing someone who is financially astute as it is the role of the trustees to make sure the money is invested wisely.

When creating a trust our Will Writers are trained to challenge potential conflicts of interest. They also ensure that when we write a trust at Niche Advice we give strict instructions that a minimum of two trustees are appointed. We have borrowed this best practice from Scottish legislation and applied here in London.

Finally, one or more of the trustees could be a trust Corporation to help give a professional judgement.

The Beneficiaries

These are the recipients of the benefits you are giving away. How and when they receive the assets can be specified.

Hopefully this has given a clear picture of who is involved in the trust writing process and our Will Writers are on hand if you decide to make a trust.

Richard Stokes

Niche Wills in London | Will Writers in London

Members of The Society of Will Writers

www.nichewills.co.uk

Filed Under: Estate Planning, Trusts wills, Writing a will Tagged With: Estate Planning, Trusts and Wills

Trust Wills Explained

July 31, 2009 By admin 2 Comments

Trusts and trust funds sound daunting to the untrained ear.

The reality is in our experience there are very few types of trust that get used directly by individuals in the work we do for Niche Wills in London.

The principle reasons are when they are considering writing a will and also in respect of looking after the interests of their children.

In the summary below we attempt to explain the key differences. So you can make an informed choice or narrow down your search for an appropriate adviser.

Absolute (Bare) trust

An absolute trust holds the property in the trustee’s name but allows the beneficiary to take actual possession of both the income and trust property whenever they want. For example this type of trust might be used to pass gifts to children while you are still alive.

Accumulation and maintenance trust

An accumulation and maintenance trust is designed to pass money for the welfare of children whilst they are still minors. Any surplus income that is not used is added to the trust property, which it turn will pass the children once they reach 18. At this point the trust turns into what is technically known as an ‘interest in possession’ trust. The process is differs in Scotland, as, once a beneficiary reaches the age of 16, they could ask the trustees to part with the trust property.

Discretionary trust

The trustees of a discretionary trust are empowered to decide the amount of income or capital (if any) to pay to each of the beneficiaries as none has an automatic right to either.

Discretionary trusts therefore can be used as a way to pass on property while you’re still alive and whilst still maintaining some control over it through the terms of the trust deed.

Interest in possession trust

In an interest in possession trust the beneficiary has a legal right to all the trust’s income (after expenses have been deducted), but not to the actual property itself.

For example, you wish to set up an interest in possession trust in your will. It is for instance common to consider leaving the income from the trust property to your spouse or partner and the trust property to your children when your partner dies.

Mixed trust

A mixed trust may be ideal when one beneficiary of an accumulation and maintenance trust reaches 18 and others are still minors. In this instance part of the trust then becomes an interest in possession trust.

Whilst the above hopefully gives you and insight and flavour, it is fair to say that will writers, including Niche Wills, will provide you with the exact timing and method of using the trusts in their most effective way. It is worth spending time and seeking professional advice as it could have a profound impact on your legacy.

More information on trust Wills can be found by clicking here

Filed Under: Trusts wills, Writing a will Tagged With: Inheritance Tax, London Will Writer, Trusts and Wills