Trusts ‘could help to benefit children after a death’

  • Posted

Posted 03/10/2010

Setting up trusts for children could provide them with financial security after a death, it has been suggested.

A reader of the Manchester Evening News (MEN) submitted a query to its property section asking whether or not her son-in-law’s children from a previous relationship would get anything from his Will if he had remarried to her daughter.

The newspaper’s experts said it would depend on whether or not he had made a Will leaving everything to his new wife, in which case the children would not receive anything from his estate.

Similarly, if the couple’s house was in joint names, it would most likely belong to the surviving spouse after a death and so its value would not be included in the deceased’s estate.

“Ideally, if he ultimately wants to benefit his children your son-in-law should set up a trust, perhaps giving his children a share of his property after both he and your daughter have died,” the MEN suggested.

According to HM Revenue and Customs, understanding tax on trusts can be difficult and it is wise to get professional advice from a solicitor in order to deal with such obligations.


    How can we help you?

    Please fill in the form and we’ll get back to you as soon as possible or to speak to one of our experts call
    0330 404 0749

    I accept that my data will be held for the purpose of my enquiry in accordance with Ashtons
    Privacy Policy

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    How can we help?

    If you have an enquiry or you would like to find out more about our services, why not contact us?