1. Child Trust Funds
Leaving inheritance to a child directly in your Will leaves a lot to chance. A child’s possible future challenges such as health, relationships or finance can put their inheritance at risk at a time when they need the comfort and knowledge that their inheritance is safe. A new style Grandparent Will from April King Legal can include Child Trust Fund accounts, these special accounts help children keep control and ownership of their inheritance should they get caught in a storm.
2. Grandchildren Trust Fund
Most clients come to us having made standard Mirror Wills with another firm. Grandchildren are rarely mentioned in these Wills and only normally benefit if a client’s child should predecease them.
But new style Grandparent Wills from April King Legal is inclusive, not exclusive.
We can show you how to…
- Set-up a Grandchild Trust Fund within your Grandparent Will.
- Choose a figure or percentage for each grandchild and the age that they are to receive it, perhaps 18, 21or 25. Or a combination such as some funds at 18 and the remaining at 25.
- State when and how funds are to be released. Perhaps for a house deposit, university fees, travel or a wedding.
- Ensure funds remain safe from a grandchild’s creditors and/or relationship difficulties.
- Allow money to be released if needed for medical or welfare emergencies, regardless of the grandchild’s age.
My dear late grandmother left my cousins and me a sum of money each. Finances aside, this kind of act of inclusion gave me a positive legacy message that stays with me. A life lesson I share with you further in our free guide.
3. Legacy Letters and Gifts
Leaving letters (sealed in an envelope) with your Will to a loved one is a great way to enhance your legacy message. I have witnessed first hand how these letters leave positive and lasting thoughts with children and grandchildren. You can, of course, update these letters during your lifetime (without changing the Will itself) to reflect changes in your family circumstances. Modern family life has many twists and turns. We can show you how to plan your legacy letters to navigate changing life events.
Sometimes clients don’t know where to start with these letters, so we have developed a bank of templates to give you guidance. We have included some samples in our free information pack.
The same is true of specific items and gifts. We find that it’s often the sentimental nature of the gift of a personal item that leaves a lasting impression. Our special gift listing codicils enable you to amend and update these bequests easily without difficulty or expense.