Contents of Wills—Will trusts
Contents of Wills—Will trusts

The following Wills & Probate guidance note provides comprehensive and up to date legal information covering:

  • Contents of Wills—Will trusts
  • Trust options
  • Will trust drafting
  • Trusts for sale and strict settlements
  • Powers

Many Wills are fairly simplistic, merely dealing with a gift of the estate after the payment of debts to a spouse or children absolutely with, perhaps, a variation to include legacies. While the executors will hold as trustees on trust until such time as the administration is complete, there will be no continuing trust after that completion so there will be no requirement to include extra powers for the trustees over and above those which the Trustee Act 2000 (TrA 2000) provides.

However, circumstances alter dramatically where minor beneficiaries are involved and many Wills have to be composed with this situation in mind. In these cases a continuing trust is almost certainly going to be necessary. The scenario that is generally encountered is where there is a gift to the surviving spouse save that if there is no survivor, the estate will pass to surviving issue. This can be immediately or at a chosen age. If the children are within their minority or if there is a desire to retain assets until they reach a certain age, trust provisions will be required to ensure that the assets are dealt with in an efficient and timely manner. The question for the testator is then the form that the trust will take.

Trust options

There are a number of options available to the