Bloodline Wills – keeping assets safe

Protect your children’s inheritance with Bloodline Wills

“It may surprise you that even if you have named your children in your Will, other people may be next in line to benefit from their inheritance”

Bloodline Wills help to protect your children and grandchildren from future loss of inheritance. If you have previously made standard Mirror Wills or have been meaning to make or update your Will then request our free Wills information pack today. We’ll show you how to create an inheritance ‘safety net’ for future generations.

Most people think their existing Will provides protection for their children’s inheritance but in reality this is rare. It’s an important part of Will planning that is too often overlooked so we advise clients to think about it.

You would assume that having left everything to your children your estate would then pass down to your grandchildren. But if you read your Will closely, you’ll see that your grandchildren will only inherit if their mother or father dies before them. Your grandchildren may, in fact, get nothing.

You can make sure that doesn’t happen and your children (then their children) keep their inheritance for their use only, by placing your funds into Trust.

Contrary to conventional wisdom, Trust money can be used by the Trust beneficiary. With a Bloodline Will your children will have complete access to the money held within it (they can spend it all in one day if they want to!). It is what we call ‘hostile third parties’ who won’t be able to gain access to the Trust. We advise our clients to set up Trusts for their families as an essential safety net.

It may surprise you that even if you have named your children in your Will, other people may be next in line to benefit from their inheritance.

Without a Trust, you could be leaving money to one or more of the following:

  • An ex son-in-law or daughter-in-law
  • Future new stepparents to your grandchildren
  • Children’s creditors/court order
  • Someone else’s grandchildren
  • Inland Revenue (creditor claims) and/or Local Authority (care fees)

Modern family life has many twists and turns and nobody knows what the future holds. By protecting your children and grandchildren’s inheritance with a trust you can guarantee that it will be safe and that only they will be able to use it. Instead of leaving your children and grandchildren with uncertainty about their financial future, you can make sure that they are taken care of after you have gone.

Bloodline Wills FAQs

What is a Bloodline Will?

A Bloodline Will is a Will that contains a protective trust. The beneficiaries of the trust will be your children, their children and so on. The trust is discretionary, meaning that the trustees (which might include your children) do not have to pay out the funds. This can assist in situations where they may not want to inherit, such as during divorce proceedings or following bankruptcy.

Many Wills leave assets exposed to predatory third parties. A Bloodline Will can help prevent your hard earned wealth from ending up in the hands of a stranger.

How much does a Bloodline Will cost?

The cost of a Bloodline Will naturally depends on the complexity of the Will and the estate. Some firms charge thousands for setting up this type of Will. Typically our clients pay less than £300 and in addition, we offer very competitive package deals where a client would also like to make a Lasting Power of Attorney.

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Wishing you all a very Happy New Year. We remain fully open throughout 2021 to assist you with your estate planning needs.