RE-MARRIAGE (SIDEWAYS DISINHERITANCE)
What if my Spouse re-marries after I die?
A very popular Trust today can be included in your Will to ensure that a spouse or partner is able to have the use of a specific asset (often the home) for their lifetime if they out-live you.
After you have died your property it is put into the Trust. Your spouse / partner can live in the property and even re-invest the value in a different property. Meaning they can downsize or move into a bungalow or apartment if needed.
When your spouse or partner eventually dies the trust is brought to an end and the asset will pass to your chosen beneficiaries. The trust ensures that your property is protected for your beneficiaries if your spouse / partner re-marries.
What if my Spouse or Partner requires Care after I die?
A very similar scenario to re-marriage. You may wish to leave your spouse or partner the right to reside in your property for the rest of their life but want to ensure that your interest in the property eventually will go to your children or other beneficiaries and not want the value of your property to be used to pay for your partners/spouses care costs. You leave them the right to use the asset for the rest of their life. The Trust ensures it cannot be used to fund their care and will remain protected for your beneficiaries…
Can I protect my beneficiaries from people or unfortunate life events even after I have Passed-away?
Yes! You may wish to include a Trust to protect a vulnerable person from the outside world. This may be to stop a particular individual taking advantage of them and their inheritance or it may be to ensure that they have a Trustee to help them budget properly so as not to diminish their inheritance too rapidly. Another concern can be that our vulnerable beneficiary could be disqualified from receiving means tested benefits if they inherit too much directly from our estate – potentially leaving them worse off in the long run. Trusts of this type can also be used to safeguard a beneficiary with drug or alcohol dependency.
A Will-based Trust can protect your estate and your beneficiaries in all of these circumstances and more!