Trusts Solicitors in the UKWhat is the difference between trusts and wills? In short, a trust is a more flexible arrangement that can deal with assets located anywhere in the world, whereas a will is limited to dealing with assets located in the UK. trusts solicitors can help you to set up a trust and advise you on the best way to structure your estate.
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- A will is a document that sets out how you want your estate to be distributed after you die. A trust, on the other hand, is an arrangement whereby property is held by one person (the trustee) for the benefit of another person or people (the beneficiaries).
- Generally speaking, a will can only deal with assets that are located in the UK. A trust, on the other hand, can deal with assets located anywhere in the world.
- A will must be signed by the person making it and witnessed by two other people. A trust does not require any ignatures, but it must be signed by the trustee.
- A will can be revoked at any time by the person making it. A trust cannot be revoked without the agreement of all of the beneficiaries.
- A will takes effect after you die. A trust takes effect immediately.
- A will must go through a process known as probate in order to be valid. A trust does not have to go through probate.
If you have any questions about trusts or wills, please do not hesitate to get in touch with one of the Trusts Solicitors / Wills experts in the directory - they will be very happy to help and advise re setting up trusts and wills and the best way to structure your estate so as to reduce tax liability and avoid the common pitfalls.
Search for providers of a different will writing services: Estate Planning Solicitors, Inheritance Tax Solicitors, Lasting Power of Attorney Solicitors companies in the UK.
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