When might a Discretionary Trust be worth considering?
A Discretionary Trust Will may be worth considering if you can relate to any of these circumstances: -
• You have a high value estate which you wish to preserve for future generations. This may include business interests or a property portfolio
• You have a ‘blended family’ i.e., second/third marriage with children and stepchildren and want to adequately provide for your new spouse but protect funds for your children from first relationship
• You do not like or trust your proposed beneficiary’s partner and worry they would be able to access the funds
• Your proposed beneficiaries are disabled, vulnerable or suffer from learning difficulties (whether from birth or otherwise) and unable to manage funds for themselves or are at risk of being exploited
• Your proposed beneficiaries are in care and you wish to preserve your funds/their inheritance from being used to pay ongoing care fees.
• Your proposed beneficiaries are in receipt of means-tested benefits
• Your proposed beneficiaries are suffering from mental health issues which means that they are unable to manage funds for themselves or are at risk of being exploited
• Your proposed beneficiaries are suffering from gambling, drug or alcohol addictions
• Your proposed beneficiaries are potentially going to divorce/dissolve their marriage/civil partnership and you wish to protect their inheritance from being used up in settlements
• Your proposed beneficiaries are having financial difficulties and you wish to protect their inheritance from being used up in bankruptcy/insolvency petitions.