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Types of Wills

LPAs & Trusts

Here at Durant & Co we help ensure your estate passes to the people you want it to.

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Wills

WILLS

Fully Qualified Will Writer

We offer a professional and personalised service, with your own fully qualified Will Writer assigned to handle your case from start to finish.

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Your advisor will be available to you at any time with every advisor having a direct dial and mobile telephone number.

Types of Wills

01 Single Will

Designed to help you outline who will administer your estate, be guardian to your children and administer any trust should you want specific bequests outlined.

02 Mirror Wills

Designed for couples with similar desires in how their estate should be administered, who shall be guardians to their children and administer any trusts should you both want specific bequests outlined.

Trusts

TRUSTS

Protect Your Assets

A trust is a very simple arrangement to ensure the assets you are leaving to your loved ones are looked after properly when you are gone.

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High protection

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About Trusts

​A trust is created by you (The Settlor), you entrust your assets to responsible people of your choosing (The Trustee’s) for the benefit of your loved ones (The beneficiaries).



​It is a common misconception that your trustee’s and your beneficiaries can’t be the same people, this is not true. There are different trusts for different scenarios; your Will advisor will let you know which trust is suitable for you.

Types of Trusts

The different trusts and their uses are listed below:

On first death your share of any property you own is passed into a trust.

The Trust is set up to accept the share of the property and at the same time a Lifetime interest is created for the remaining owner of the other share of the property (normally the remaining spouse or partner) this lifetime interest allows the remaining owner to:


● Sell the property if they wish to, in conjunction with the trust

● Buy another property with the proceeds of the sale of the original property. If downsizing the surplus cash can be split with the remaining owner getting 50% of the surplus cash

● The powers of the Trust allow the remaining spouse/partner to borrow any cash in the Trust

● The property cannot be sold without the permission of the Lifetime Tenant (normally the remaining spouse/partner)

● The lifetime tenant cannot be evicted from the house for the rest of their Lives

● The ultimate beneficiaries of the Trust would normally be the children after second death


This type of trust can be very effective in several scenarios:


● For couples (married or unmarried) who have children from different relationships. Each Partner/spouse would determine who would benefit from the Protective property trust and in what shares after second death. This ensures that your children from any relationship will always inherit your share of any property held in Joint names.

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Discretionary Trusts are a particularly useful tool when considering Inheritance Tax (IHT).

This is particularly beneficial to unmarried couples.


The assets that would otherwise have been passed on to the surviving partner or spouse are instead placed in trust. The surviving partner can be made a beneficiary. Trustees must be appointed.

Under the terms of the Trust, the beneficiary does not have absolute entitlement to the assets and therefore cannot demand income or capital as they please.

As a result, the assets placed in trust are not treated as part of that individual’s estate for tax purposes.

A Letter of Wishes is provided alongside the Will. The letter states the express wishes of the deceased and also ensures that adequate provision is made for the surviving partner.


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This Trust is incorporated as part of a Will and is usually created on the death of the first spouse

This will be advantageous to couples who own their own property and have additional savings or shares that they wish to incorporate.


The trust has a number of benefits:

● This Trust can help protect your home against care fees.

● The Trust preserves assets for the nominated beneficiaries.

● The Trust protects against beneficiaries being declared bankrupt.


The Trust can guarantee an appropriate distribution of assets where couples each have children from other relationships.

The Trust cannot be contested or challenged by potential relatives, unlike a Will. The Trust is flexible and can be changed to another type of trust should personal circumstances or changes in legislation dictate.

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These Trusts are set up by parents or other relatives as a way of safeguarding the inheritance of a disabled child or relative.

This ensures that the monies left to disabled beneficiaries by their parents are not eroded or set against any assessment or entitlement to state benefits.


It is usual for other siblings to be the alternative beneficiaries to these Trusts.

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Long Term Care Planning

As an ageing population we should all think about making provision for later life and this includes the provision for long term care. We at Durant & Co can help you think about all the problems you may face and come up with positive solutions.


●     Health & Welfare Lasting Power of Attorney (LPA)

●     Property & Financial Affairs Lasting Power of Attorney (LPA)

●     Business Lasting Power of Attorney (LPA)


We will arrange a property and financial affairs LPA; it will enable the people you appoint to make financial decisions on your behalf such as selling your house or managing your bank account if you become incapable of making these kind of decisions yourself – or do not wish to do so.


​You should also consider whether to make a health and welfare LPA. This is for decisions about both health and personal welfare, such as where to live, day-to-day care or having medical treatment.


​If you become unable to make decisions for yourself and you haven’t got an LPA, then your family will have to go through a lengthy legal process before they are lawfully entitled to act on your behalf.


In this situation, it would be the court that chooses who has the power to make decisions about your life.

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Memorandum of Wishes

An addendum to your Will outlining your wishes pertaining to your pensions and any additional chattels.


We also offer:


●     Document Storage per Annual or Lifetime Storage

●     Copies of Document

●     Attestation

●     Funeral Plans


​Please be aware that Wills, Trusts & Lasting Power of Attorneys are NOT authorised or regulated by the Financial Conduct Authority

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