There is a common misconception that Wills and Trusts are only for wealthy people, that you only need to write a Will once you have retired and that they are expensive.
This is not the case. No matter how much or how little money you have it is important that you leave a Will which states where you want your money to go. Without a Will your estate will be distributed according to the law of intestacy and as a result people who you would like to benefit may not.
Creating a Trust provision in your Will allows you to provide for children, grandchildren or a relative with reduced capacity in the most tax efficient way. If, for example you have a child with learning disabilities who is receiving means tested benefits, these benefits may be affected if they inherit a large capital sum from you. If, however, their inheritance was incorporated into a Trust, it would be ring fenced from any means testing.
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