Will Trusts are within a Will to take effect when you die. They are commonly drafted for a husband and wife to safeguard
their assets for their beneficiaries.
They can also be drafted by individuals to protect young or vulnerable beneficiaries.
UNDERSTANDING WILL TRUSTS
Trusts are legal entities that allow someone to benefit from an asset without being the legal owner.
A trust is created within the Will and a person (or specialist trust firm) is appointed to manage it - the 'trustee'. The trustee manages the trust on behalf of the 'beneficiaries' - those who are named in the will to receive income from the trust.
Trusts may be set up for any number of reasons, for example:
to control and protect family assets
when someone is too young to handle their affairs
when someone can't handle their affairs because they are incapacitated
to pass on money or property while you are still alive (Lifetime Trust)
to pass on money or assets when you die under the terms of your will - a 'Will Trust'