Lifetime Trusts Which? Report.
The Report on Lifetime Trusts Which? have issued is reasonably useful, but has a major error which biases the report towards their own services. Not deliberately, I am sure, but wrongly. People trust Which? to give an unbiased view, and that must be clouded when they are actively competing with the people they are criticising. Worse still, you would expect a Which? Report on Wills and Trusts to actually be accurate, which this report is not.
Lifetime Trusts Which? biased or mistaken?
After a superficial review of Lifetime Trusts, Which? toss such Trusts into the bin them in favour of Will Trusts on the basis that “they will protect half of the property.” This is just the sort of inaccurate advice they criticise others for!
Put simply, Which? are as naive as half the people they interviewed. Lifetime Trusts are for specialists, which is why nine out of ten legal professionals do not understand them, and those that do tend to charge a lot! (Apart from us, of course!)
A Will Trust MAY protect half of the property if one partner goes into care – but even they can be challenged. Not only will they fail to offer any protection at all if both end up in care. As Which? points out, this can be inexpensive if folk DIY, but boy, can they make some massive and expensive mistakes! In reality Property Trust Wills are (for most people) eventually more expensive and much less useful than a well planned lifetime property trust.
Lifetime Trusts which can:
- Make probate more straightforward cutting 6 to 9 months off the distribution time and saving (for most people) more than it cost in the first place).
- And a lifetime trust can provide immediate access to funds to pay Inheritance Tax which might otherwise have to be borrowed.
- Saving Inheritance Tax for future generations who can borrow from the trust.
- Allow the Trustees to look after reckless, immature or incapacitated beneficiaries and avoid inheritances being squandered.
I could go on, but suffice it to say that I believe the Lifetime Trust Which? Report to be both inaccurate and biased towards their own services, something they should never have allowed to happen. Which? are no longer independent and should not pretend to be so when reviewing their competitors!
Incidentally, one of our companies offers a pretty much identical Will Writing Online service as Which? at less than half the cost!!