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Will Services
Last Will & Testament
This is very important to have complete control of your estate and to ensure all your estate is dispersed as you want it to be, ensuring your loved ones get what they deserve. It is a huge sense of relief that your say will be heard legally.
The share that you have left to your loved ones is left with them and not sideways disinherited, (e.g. through ex-partners claiming half from your beneficiary through a divorce). If any of the beneficiaries are on any type of benefit, they will continue to receive benefits. The inheritance will not be detrimental to them.
Aspire can help protect you and your loved ones to ensure your direction is lead post death, with your estate being divided how you want without any third party interference.
We can also use trusts including property trusts that will ensure that everything you have left with your beneficiaries is protected in case they ever divorced or fell bankrupt.
What happens if I don’t have one?
Your Estate will be divided according to the law which means that certain loved ones can be missed out completely For example, if you are not married, your partner may not get any of your assets. If you are married, your spouse may not always receive all of your Estate. It may be divided between your spouse and your children.
Protective Will Property Trust
A Protective Property Trust is designed to provide a right to occupy and can give income whilst protecting the asset, usually the home for your chosen beneficiaries.
Protective Property Trusts are commonly used in Wills where a couple are co-owners of a property and wish to ensure that the surviving co-owner has full occupancy and can enjoy the asset in their lifetime, with specific rules if needed. The person who is granted these rights is known as the Life Tenant
Severance of tenancy is used for joint tenants to ensure that they are 50% owners of the house and not both 100% owners. The severance is particularly useful if one partner goes into care and then later died, it means that the deceased's share is protected for their chosen beneficiaries, yet allows the survivng partner to be a life tenant.
This trust also protects clients with partners that have remarried, ensuring their 50% share of the house or estate does not pass to the new partner or their new partners children. The life tenant is not the owner of the property therefore the final beneficiaries can be different. The life tenant can use the property with a range of flexible methods.
Then on the survivor going into care, the deceased’s share of the property would pass to your children or chosen beneficiaries. The deceased’s assets are therefore protected by the trust which prevents the Local Authority from requiring them to be used to pay for the survivor’s care fees.
Discretionary Will Trust
We can also use Discretionary Will Trusts including property trusts and Discretionary Trust's of Residue. This will ensure that everything you have left with your beneficiaries is protected, in case they ever divorced or fell bankrupt.
The share that you intend to leave your loved ones is left with them and not sideways disinherited, (e.g. through ex-partners claiming half from your beneficiary through a divorce). If any of the beneficiaries are on any type of benefit, they will continue to receive benefits. The inheritance will not be detrimental to them, and will also protect for 125 years so ensures generational inheritance tax planning.
Aspire can help protect you and your loved ones to ensure your direction is lead post death, with your estate being divided how you want without any third party interference.
What happens if I don’t have one? Your Estate will be divided according to the law which means that certain loved ones can be missed out completely. For example, if you are not married, your partner may not get any of your assets. If you are married, your spouse may not always receive all of your Estate; it may be divided between your spouse and your children.
If you have remarried and you have children from a previous relationshp, it can mean they dont receive anything at all, unless a discretionary will trust is used.
Severance of Tenancy
This is done by separating the occupancy of the home to tenants in common, from joint tenants. This ensures that each owner has their own share in the property. By diversifying or splitting the share it helps prevent third party threats and is useful in the cases of local authority assessment for care home fees.