Will trusts and inheritance trust clauses are on the rise in the UK, according to many within the private client industry, complicating estate administration and highlighting the importance of locating the right Will for estate administration.
Will trust clauses are conditions to be met for a beneficiary to receive their stipulated inheritance as stated in the testator’s Will, as a way to greater control how and when money is transferred to their beneficiaries.
Recent articles referencing a number of firms in the private client industry has suggested that these have risen noticeably in recent years.
While most clauses remain typical, such as age-related triggers for children, others are less so such as the inheritance be returned should they remarry or restricting the inheritance of grandchildren until they are baptised – and these are also on the rise thanks to more will writing options and DIY options.
The reasons for the rise in trust clauses are myriad, but the main ones cited are increasing property prices, ever-more complex family situations, and people living longer.
The importance of finding the Will
Complex family situations are a major factor, with up to one in ten Wills at some firms deliberately leaving someone out including immediate family members.
This, alongside other will trust wishes, means that it is more important than ever that the Will be found, so that the wishes can be carried out as intended and not left to intestacy rules or a previous Will with different stipulations.
At The National Will Register, 1 in 5 Will Searches locates a later Will than the one known, or finds a Will where one was not known to exist at all. With the increase in Will trust clauses, and their potentially sensitive nature, it’s important that Will Searches are carried out so that the correct Will and wishes are undertaken.
To find out more about how Will Search can help you, call 0330 100 3660 or contact your account manager if you are an accredited member of The National Will Register.