I received a call from a concerned family who, after viewing my website, asked me to visit their home with a view to arranging Wills for them.

The family were married with two children but one of the children would be unable to look after their own finances due to disability. The parents were very concerned about this situation as they had no arrangements in place. The husband was also a business owner and due to its considerable value was concerned about inheritance tax. Should the husband die first it's their intention that the business would pass to his wife but she would sell the business shortly after.

The clients have three main concerns

1.To ensure all assets pass to the surviving spouse on first death and then equally between the children.

2.To ensure their vulnerable son's share is protected.

3.To reduce the Inheritance Tax Liability where possible.

Following a detailed discussion, we arranged new Wills that passed all the assets to the surviving spouse on first death. However when the second spouse dies we arranged half of the assets to go to one son directly but the remaining half would be transferred to a Vulnerable Persons Trust for their second son.

The Vulnerable Persons Trust ensures that the son would not be disadvantaged by losing any state benefits that he might be entitled to but also allowing the parents to appoint trustworthy trustees to look after the money for him.

The shares in the husband's business would pass into a business trust which captures "Business Property Relief" at the time of death and if the business is then later sold the proceeds will be in the trust and ring fenced from Inheritance tax in the future.The beneficiaries of the trust would be the surviving spouse and family.

The clients were pleased to have Wills in place protecting their son and potentially reducing their Inheritance tax liability considerably.They were delighted that what they thought was quite a complicated situation was made relatively straightforward.



Share This Story

Tagged in

You might also like

Long term care plans Tenancy in common
posted on - 16 January 2018
I recently visited a retired couple who were recommended to me by an existing client. Their main asset was the family home and some savings which had been built up over the years. The clients did...
posted on - 09 January 2018
When making a Will, appointing guardians for your children needs careful consideration. Deciding who you would like to bring up your children is likely not to be easy, however the thought of knowing...
Society of Will Writers
posted on - 05 January 2018
In 2011 the Society of Trust and Estate Practitioners published a report on Cowboy Will writing which outlines five main problem areas within the UK Will Writing Market: Invalid Wills Will Writers...

Why Choose
David Gee Wills and Probate

Over 30 Years experience advising clients

Having worked in the financial services business for over 30 years my wealth of knowledge will help you decide which is the most beneficial way to proceed with your Wills,Lasting Power of Attorney and Probate.

I am a member of the Society of Will Writers which means all clients have the reassurance that all business is conducted under a strict code of conduct. 

Professional and Personal Service

I pride myself on providing a professional and personal service. All documents will be drafted by me personally.

I am supported by a team who are always on hand to take your calls and enquiries.

Our aim is to take you through the process of making a Will, Lasting Power of Attorney or Probate as easy as possible.

Specialist Trust Knowledge

I offer advice on a wide range of solutions from basic to more complicated Wills incorporating trusts to protect your needs.

My experience in Estate and Trust planning enables me to explain this complicated financial subject in an easy to understand way.

Contact David

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Contact Me :
01933 426199