The average Will for a parent will often remain one where a spouse leaves everything to the other with a gift over to children and a provision for substitution of grandchildren.
While some clients have decided that a Trust is not appropriate for their circumstances, many are considering whether it would be wise to form Trusts for their children or encourage their children to set up their own Trusts. This then affords the parents the opportunity to leave a child’s share in the survivor’s Estate directly to a Trust in which that child is the primary discretionary beneficiary and where sooner or later the particular child will control the Trust through the power of appointment.
There may also be possible residential care benefits in the future as no assets will come into the child’s hands.
For further information or assistance in setting up an Inheritance Trust, please contact Tony Fortune or Katherine McCarthy
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