When last did you review your will and any applicable trust deeds?

on . Posted in Trusts and the reason for having one

Despite working in the world of investments and financial planning I am as reluctant as everyone else to plan for the eventuality of death (and taxes-not to mention executor fees-that follow). Having a will and/or a trust doesn’t end the story. The fact is things constantly change.

As legislation relating to capital gains tax changes, so should wills. The law relating to trusts is similarly fluid, with the result that the trust deeds dating back to the 80’s could be woefully out of date.

Wills and trusts are as much in need of maintenance-if not the odd spring clean- just as ones house, and we all know how often the woodwork needs a lick of paint!

Many estates are relatively straightforward. Imagine an estate that is not only governed by an out-of-date will or trust deed, and is complex to boot.

Now comes the question that may sit uncomfortably but it needs to be asked: When last did you review your will and any applicable trust deeds? Do your trusts have the full complement of trustees? Are you absolutely certain that they are the ideal structure for the current legislative environment? Have all resolutions been passed and documented in the proper way? Failure to do so may open the trust to unnecessary and unwanted scrutiny, or attack by a revenue authority, or even personal creditors.

If you’re in any doubt let me help you in setting up a free consultation with our in-house expert in these matters. You will be under no obligation to commit to anything, or even take further action; at the very least you could set your mind at rest.