Trust Will or simple Will?

Kath39

3 years ago, when my husband died, I revised my Will, and was told at the time i NEEDED a Trust Will. It cost over £300!  This was put in place, but since then, I have had doubts as to the need for this document in my case, but cannot find a simple plain English explanation about just why it is necessary.  I am leaving the whole of my estate to be split equally between my 3 children  and having checked  the Inheritance Tax Tool on the GOVUK website, no such tax would be payable by my beneficiaries.  I have a house worth c £400k and ISA savings. My concern is that by having such a Will, it will only create more complications for people at a time when they do not need such pressure. Can anyone clarify just what the benefit is for such a document?  Any guidance much appreciated.

Keep_pedalling

I can’t see the point of such a will for a widowed person unless you want to give security to a nes partner. 

Was this a solisitor or will writer who drafted your will?

Kath39

Hi! Thanks for your response.  I expected a solicitor but it turned out to be a consultant in the estate planning department. At the time, I was still dealing with my husband's death and didn't really ask the right questions. All I have managed to glean from my 'research' so far was that Trust Wills 'can reduce IT'.   I have no new partner and have no intentions of having one.  I'm reluctant to seek further 'legal advice' because of the possible costs involved.

Keep_pedalling

In your situation the will trust is not going to save any IHT (it sounds like your estate won’t pay anyway unless you have over £600K in your ISA) it will just complicate things for your executors. 

I would get a new will drawn up.

RAS

Check out free wills month and see if there is anything local?

But a couple of hundred quid now will be cheaper than the cost of sorting this out after you die.