Wills

Why make a Will or Trust?

Most people hope that their estate will pass on to their children and grandchildren eventually. If you die intestate (without leaving a valid Will) the State decides what happens to your property (the estate) according to certain rules which may not be how you intended. Plan the ultimate distribution of your estate and protect your assets by making a Trust Will and when relevant setting up a Life Time Trust. LevLaw will assess your current circumstances and arrange the Will or Trust that will provide the best protection for you, your family and your assets.

Standard Will

Includes initial consultation meeting, and second visit to supervise signing of Will (incorporating any legacies, appointment of guardians and where required trusts for minor children in which assets are kept until they become at least 18 years old or an age you can specify).

Types of Trust Will:

Property Protection Trust (PPT)

A trust which passes a house, property to a nominated beneficiaries (e.g. children) but which allows a third party (e.g. spouse) to have the benefit of the house and property during their life...more

Life Interest Trust (LIT)

A trust which passes a house, property or capital to a nominated beneficiaries (e.g. children) but which allows a third party (e.g. spouse)to have the benefit of the house and property, or income from the invested capital during their life.

Right of Residence Trust (RRT)

A trust which allows a nominated beneficiary to live in a house, which he/she does not own, for a specified period but which gives no rights to the house nor its capital value. 

Flexible Life Interest Trust (FLIT)

A trust which passes assets such as property and capital to a discretionary trust for nominated beneficiaries but which allows a third party (e.g. the spouse) to have the benefit of the asset during their life. It is appropriate for protecting the value of the assets from other parties.

Discretionary Trust (DT) / Disabled Discretionary Trust (DDT):

DT trust allows trustees to make decisions, in line with a letter of wishes, about who in a group of nominated beneficiaries (e.g. spouse, children) should receive funds, when and how much. A DDT trust protects the special interests of a disabled beneficiary. It enjoys favourable tax treatment but is restricted in how it can be used.

Vulnerable Persons Trust:

The Vulnerable Trust works similarly to the Discretionary Trust with one key difference. The fund MUST be used for the benefit of the vulnerable person. In your Will you would name the vulnerable person as the main beneficiary of the Trust.