So who wants to be a billionaire?
Bill Gates has recently announced that he will be giving away the bulk of his fortune to charity, leaving a mere $10 million a piece for his children. But what options are available if you’re not one of the richest people in the world? How do you ensure that your money is passed on to where you want it to go?
According to Thomas Guise Solicitor Phil Guise, Discretionary Will Trusts could be the answer. A Discretionary Will Trust can ensure that your wealth is passed on, whilst helping to minimise your beneficiaries’ inheritance tax liability.
Phil explains: “Many people are unaware that if they don’t have a Will, their assets may not automatically be passed on to the people they expect it to. Having an up to date Will is essential in ensuring that your assets are protected. Your solicitor should be able to help reduce any potential tax burden on your estate.”
Discretionary Will Trusts (DWT) can help protect a person’s assets. They can be used to reduce inheritance tax liability and protect wealth for your children if your surviving spouse remarries. Discretionary Will Trusts can even help protect your money from care homes’ fees assessments.
The Trusts are very flexible and in particular can be used to assist in financial planning for children who are vulnerable adults, such as people with addiction or financial problems, so you can have peace of mind that your money won’t be squandered after you’ve gone. They can also be used to support children with physical and mental disabilities.
Phil says: “Many people put off making a Will as they think that they’re too young, but the truth is any adult with assets requires a Will in order to ensure that if the worst happens, their loved ones are looked after.
“A Will is not just for the elderly. People tend to think about Wills in relation to bereavement. However, everyone needs to consider the possibility of suffering an illness while they’re still alive. For married couples, setting up a Trust in a Will can ensure that if one partner dies, the part of their estate which has been left to the Trust cannot be used in care home fees assessments for the surviving spouse if they become ill.”
Recent research by the Law Society found that 58% of people in the West Midlands did not know if they had an up to date Will or not.
If you would like discuss any matter relating to wills with Phil Guise he can be contacted on 01527 852600