Flexible will provides for all eventualities after advice from Private Client Partner

When a person wanted to change his will to be more flexible, he instructed Private Client Partner Laura Banks for expert advice. He wanted his will to leave assets to his family and partner in one way if his estate was over a certain value and in a different way if it was under that value.

Laura advised on how to achieve this flexibility by way of a discretionary trust in the will. This meant a letter of wishes could provide for the different successions depending on different asset levels. If the will had contained the conditions, but they weren’t complied with exactly, then the different payments couldn’t be made. Laura also advised on the inheritance tax consequences if her client married his partner and how this could affect the gifts to family.

Laura’s client now has a flexible will, which can provide for the future regardless of his asset level as the trustees are able to respond to differing situations. Should his wishes change in the future, it can be altered in a cost-efficient way to reflect this.