Peace of mind delivered

Our clients were a married couple with two adult children, one of whom was considered a vulnerable beneficiary. They told us:

“We want to put our affairs in order in a way that will benefit both our children and give us the chance to plan for the future – knowing it is likely that one of us will die before the other. Additionally, we need Inheritance Tax advice, as one of us is due to receive an inheritance from another estate.” 

How we helped

We advised the clients to make flexible Wills which would allow their executors some discretion and consideration of any family and financial circumstances at their date of death. In this way, the potential future needs of any vulnerable children or future grandchildren could be taken into account. It would allow their executors to hold funds on behalf of one of the beneficiaries either to be managed on their behalf or distributed at a suitable time.In terms of Inheritance Tax planning, a Deed of Variation was advised in order to divert some of the inherited funds into a trust which could be managed for the client’s benefit as well as his spouse, children and any future grandchildren. This would also allow for eventual significant tax savings for the family. 

The result

We drafted Flexible Wills for both clients, appointing their children and a third party as executors and trustees. Their estates would be dealt with in such a way that the three trustees would be able to make decisions about the distribution of funds to any vulnerable beneficiaries. This provided our clients with peace of mind about their family’s future.