Trust Clauses within Wills
It appears that there is an increasing number of trust clauses within Wills as testators seek a greater degree of control over their inheritance once they have passed away.
The increasing number of trust clauses include clauses that are both more typical, such as funds being accessible if it is spent on schooling or property, and also more unconventional.
For example, I read a story of a gentleman who bequeathed £100,000… to himself… in case he reincarnated.
In terms of the more typical trust clauses, such as releasing monies earlier for the benefit of schooling or housing, these conversations usually take place with parents who do not want to leave their children a large sum of money at a young age but also do not want to leave them in financial penury.
In terms of the more unconventional trust clauses, and whilst I can understand that some people may feel very strongly about certain provisions, it is important that you take legal advice to make sure that the clause itself does indeed work.
It is easy to simply write a line or paragraph within a Will with certain provisions, but if the clause does not work or has too many holes for misinterpretation etc. then this can cause many difficulties upon your passing.
This could mean that your Will is deemed invalid or your true wishes are not interpreted properly due to the confusion surrounding the contents.
It is important that you speak with a legal advisor to ensure that your Will is worded correctly and is legally binding and represents your true wishes.
Be very careful when preparing a DIY Will as this could be a disaster waiting to happen. Remember, the price you pay for something usually equals its quality.
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The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.