What Are the Benefits Of A Trust?
The benefits of using a trust should not be underestimated. For example, if leaving a property to a child of yours, you can place this in trust so they only have a lifetime interest. This means that should they divorce, their spouse would not be entitled to claim a share of the property. If they were made bankrupt the trustee or Official Receiver could not come after the property.
As well as being made in a Will, trusts can be created during your own lifetime. Most commonly these will be used to avoid having to sell your home to pay the costs of going into care. You have to be careful how these are set up, as tax liabilities can arise upon establishing a trust.
You may not intend a legacy in a Will to take place prior to the beneficiary reaching a certain age, or for their life if they are suffering from a disability which means they will not be able to control their own money. If that is the case you may still wish them to be able to have some of the benefit of the legacy in the meantime, but wish this to be controlled by another person to make sure the money is not wasted. Again, this is a perfect scenario for a trust to be established.