A Will Trust is a Trust set up within a Will. It is created to protect property that an individual would like to pass on to their family. A Trust enables a person to benefit from an asset while not being the legal owner of the Trust.
A Trust appoints a specific person/organisation to manage it, they are known as ‘Trustees’. The Trustees will hold the assets in the Trust and distribute the assets to the beneficiaries.
The role of the Trustees is to:
- Deal with the assets in accordance with the deceased’s wishes, as outlined in their Will,
- Maintain the Trust on a day-to-day basis
- Pay any tax due, and
- Decide how to invest/use the assets in the Trust.
A Will Trust is often complicated to set up, and so it is essential to seek the right advice before doing so.
