What is a Trust Will?
A Trust, included as part of your Will, is a way of protecting assets which you want to give to your loved ones after your death. It is a legal structure which enables a person to benefit from a specific asset, without actually being the legal owner of the asset.
In the case of a trust within a Will, the trust is only ‘activated’ when you die.
For example, a Trust Will could be used if you want to leave a portion of your estate to someone who is vulnerable. Equally, some people may use a Trust Will if they are in a relationship but have children from a previous relationship.
It is important to seek legal advice about whether a Trust Will (also known as a testamentary trust) would be right for your circumstances.
How Do Trust Wills Work?
When you make a Will, you would normally name the beneficiaries (the people who you would like to receive your assets) within your Will.
In some instances, you may want your assets to be held on behalf of your beneficiaries, rather than going directly to them when you pass away.
When you create a trust, you name the person/people who will be managing it – known as the ‘trustee/s’. The trustee/s will then manage the trust (administer it) on your behalf, for the benefit of the beneficiaries.
Type of Trust Wills
There are various different types of Trust Wills that may be possible, depending on your circumstances:
It is highly recommended that you seek legal advice from a specialist solicitor before deciding which, if any, Trust Will is suitable for your circumstances.
Cost of Setting Up a Trust Will in England & Wales
Single Trust Will: £315 +VAT (£378)
Mirror Trust Will: £420 +VAT (£504)
One of the three Trust Wills listed above is included in our fixed-price fee. We will provide you with a personalised written quote for your Trust Will. This price will then be fixed, so you know exactly what you will be paying for your Will.