Wills
A will allows you to identify your beneficiaries, appoint executors, and give directions about specific assets. It only takes effect on death, and it can generally be revised during your lifetime.
For a will to achieve what is intended, it must be validly made, clearly expressed, and consistent with how the assets are actually held.
Trusts
A trust involves transferring property to trustees who hold and manage it for the benefit of identified beneficiaries. Trusts are often considered where beneficiaries are minors, where provision needs to continue over time, or where family assets are intended to be held collectively.
Trust arrangements involve ongoing administration and should be entered into with a clear understanding of the duties involved.
Choosing between them
- The nature and value of the assets involved.
- Whether beneficiaries need protection or ongoing management.
- Whether business interests need to remain intact.
- The administrative burden the family is willing to carry.
What to do next
Estate planning decisions are easier to make with a complete picture of what you own and who depends on you. We start there, and then advise on the structure that fits.