MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Need to get a will, but as my daughter (and sole beneficiary) is (well) under 18, think I need to set up a trust for properties, cash etc to be held in her name etc....
Obviously I'll need to use a solicitor, but before I start bearing my wallet to one, I'd like to know a bit more about whats involved (it being a bit more complicated than a straightforward will)
There's an executor, obviously, but then what about trustees? Do I name one, or three etc? Are there any standard caveats / clauses etc
Thanks
Ok,
Firstly let me declare an interest - I am a Will Writer (not a solicitor).
Broadly speaking you Will falls into four parts.
The people involved, You are the Testator, you need between one and four executors, as you have a minor child you will need to appoint guardian(s) if both of the child's natural parents die, and of course the beneficiaries (your daughter). If you die executors look after the money for the benefit of the child, guardians look after the child. They can be the same person.
Part two is what you have and who you would like it to go to. Sometimes simple sometimes can be more complex but it is always worth taking advice.
Part Three is your funeral wishes. Not nice to think about but your will is the appropriate place to detail them.
Part four centres around taxation and the risk to you estate from inheritance tax, care home fees (I know you are too young at the moment) and the like.
My website has more details http://myinheritance.co.uk/ttc.aspx
I know a number of really good people round the country who can help you with this for not much money. Email me via my website and I can put you in touch with someone.
Nick.
thanks Nick, will drop you a mail
nick