Understanding Will Trusts

In this episode of The Legal Rabbit Hole, hosts Charlotte Day and Megan Lovell from the Wills and Probate team discuss the concept of trusts, focusing specifically on Wills and the various types of trusts that can be established through them. They cover essential topics such as age contingencies, life interest trusts, discretionary trusts, and disabled persons trusts.Key Takeaways·     Age Contingencies: The legal age for inheritance is 18, but parents can set a higher age limit (commonly 21 or 25) for their children to inherit their share of the estate. This allows for better financial management.·     Life Interest Trusts: These trusts protect a deceased person's share of property from being redirected to new spouses or used for care fees, ensuring that children from previous marriages are provided for.·     Discretionary Trusts: These trusts allow for a pool of beneficiaries without guaranteeing a specific amount to any of them. They are beneficial for protecting assets from beneficiaries who may have financial difficulties or are going through divorce.·     Disabled Persons Trusts: Designed for beneficiaries with disabilities, these trusts provide financial support without affecting any means-tested benefits.Resources MentionedImportance of regularly reviewing trusts to ensure compliance with changing laws and the beneficiary's eligibility for benefits.Timms Solicitors : For further questions reach out to Timm's Solicitors via their website, email at [email protected] or call freephone 0800 011 6666.Don’t miss an episode of The Legal Rabbit Hole! Subscribe on your favourite podcast platform and leave us a review to let us know what you think.