A will is a legal document that states how a person's money, property, and other possessions (their "estate") should be distributed after their death. It allows the person to choose beneficiaries, appoint a guardian for minor children, name an executor to administer their estate, appoint Trustees to manage and distribute assets on behalf of your beneficiaries and state your funeral wishes.

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Without a Will, you will have no say in how your assets are distributed, and the rules of intestacy will determine who will inherit your assets. This means if you're an unmarried couple, your partner will lose out on any inheritance and will only keep assets jointly owned. 

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Trusts

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A Will Trust is created on death through a Will. It's used to protect the inheritance for the beneficiaries who could be young children, vulnerable individuals, and to protect from disinheritance. Assets are managed by Trustees on behalf of the beneficiaries.

 

The types of trusts include:

Bare Trust - Assets are held for minors until they reach a specified age. When they reach this age, they can take control of the assets. Assets placed in the trust are owned by the minor, however, they are managed by the trustees.

Life Interest Trust - This trust gives the life tenant (surviving spouse or partner) the right to receive income from assets such as investments and cash. It also allows the life tenant to live in the property for life, or until certain conditions are met, and protects from sideways disinheritance where the surviving spouse remarries, or a new will is made. The property will have to be owned as tenants in common, and where it's owned as joint tenants, a severance of tenancy can be arranged. The capital / assets will pass on to the ultimate beneficiaries at the end of the trust. 

Discretionary Trust  - With this trust, assets are held by the trustees and distributed at their discretion to the beneficiaries. The assets are outside the beneficiaries estates and are therefore not subject to claims from creditors, divorce settlements, or misuse by beneficiaries deemed irresponsible.

Vulnerable Persons Trust - For beneficiaries in receipt of means tested benefits, their assets can be held in trust to ensure they are not included in their estate and thereby protecting their eligibility. A vulnerable person might be a child under 18 with a deceased parent, or a disabled person who is eligible for certain state benefits.​

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