Wills

Mirror Will

In England and Wales, mirror wills, sometimes also called mirror image wills or joint wills, are commonly used by married and unmarried couples that have very similar wishes about what should be written into their wills.

Mirror wills are two separate legal documents that are practically identical in almost every way, except for the name of the person and perhaps their individual funeral wishes.

A simple example of what a couple with children could write into their mirror wills is that each person leaves everything to the other, and whoever dies last leaves everything to the children in equal shares.

Trust Will

A trust is a legal structure which can be included as part of your will and can offer increased asset protection for your loved ones. These types of wills are called trust wills. We would always recommend that you consider the benefits of setting up a trust as part of your will.

They are most commonly seen in the following circumstances:

you wish to protect your estate against possible care fees in the future
you have a spouse or partner but children from a previous relationship
you wish to leave some of your estate to a vulnerable or disabled person

Steps to Create a Trust

Initial Consultation

Start by scheduling a free consultation with our team. We’ll discuss your goals, explain the different types of trusts, and help you determine the best option for your situation.

Drafting the documents

Once you've chosen the right will/trust, we’ll draft the trust document, carefully selecting heirs, trustees and beneficiaries. Our team will ensure that all legal requirements are met and that the document reflects your exact wishes.

Review and Finalisation

After drafting, we’ll review the document with you, making any necessary adjustments. Once you’re satisfied, we’ll finalise the document, ensuring that everything is in order for execution.

Ongoing Management

Creating a will is just the beginning. We offer ongoing support to help manage the will, assist with executor responsibilities, and ensure that it continues to serve your needs over time.

We can even offer secure storage of the will and yearly reviews to ensure it stays relevant to everchanging life.

Special Needs Planning

We can help you create a plan to provide for a loved one with special needs, including setting up a special needs trust.

Frequently Asked Questions

Please reach us at info@edwardspower.co.uk if you cannot find an answer to your question.

How much does it cost to set up a trust?

The cost of setting up a trust can vary depending on its complexity and the specific services you require. We offer very competitive pricing and can provide a detailed quote during your consultation.

What’s the difference between a will and a trust?

A will outlines how your assets should be distributed after your death, while a trust can manage your assets during your lifetime and beyond. Trusts often offer greater flexibility, privacy, and control.

Are trusts subject to inheritance tax?

Certain types of trusts can help reduce or eliminate inheritance tax, depending on how they are structured. We can advise on the best approach for your situation.

How long does it take to set up a trust?

The time to set up a trust can vary depending on its complexity. However, with our streamlined process, most trusts can be established within a few weeks, ensuring a quick and efficient setup.

Can I be both a trustee and a beneficiary of my trust?

Yes, it’s possible to be both a trustee and a beneficiary of your trust. However, it’s important to appoint additional trustees to manage the trust after your death or if you become incapacitated.

What happens to the trust after I die?

If you establish a living trust, the assets within the trust are transferred to your beneficiaries according to the terms you’ve set, without going through probate. If you set up a testamentary trust, it will be created after your death as outlined in your will.

Are there ongoing costs associated with maintaining a trust?

There can be ongoing costs related to managing a trust, such as trustee fees, legal fees, and potential tax filings. These costs vary depending on the complexity of the trust and the services required.

What assets can be placed in a trust?

Most types of assets can be placed in a trust, including real estate, investments, bank accounts, personal property, and even business interests. We can help you determine which assets are best suited for inclusion in your trust.

Do I need a will if I have a trust?

Yes, even if you have a trust, it’s important to have a will to cover any assets not included in the trust and to appoint guardians for minor children. A will can also specify your wishes for any assets that may not be transferred into the trust before your death.

What is a trust deed, and why is it important?

A trust deed is the legal document that outlines the terms of the trust, including how the assets will be managed and distributed. It is crucial because it legally binds the trustee to act in accordance with your wishes and provides clear instructions for managing the trust.

Can a trust protect my assets from long-term care costs?

Certain types of trusts, such as an irrevocable trust, can be used to protect assets from being counted toward long-term care costs. This area is complex, and we can provide advice on the best approach for your situation.

Will Writing

Single Will

Mirror Will

Trust Will

Steps to Create a Trust

Initial Consultation

Drafting the documents

Review and Finalisation

Ongoing Management

Special Needs Planning

Let us call you

Frequently Asked Questions

Will Writing

Single Will

Mirror Will

Trust Will

Steps to Create a Trust

Initial Consultation

Drafting the documents

Review and Finalisation

Ongoing Management

Special Needs Planning

Let us call you

Frequently Asked Questions

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