From time to time it is necessary to allow for assets to be held on behalf of another person or persons. The reasons for this can include that the person has not yet reached adulthood, there may be drug use or mental incapacity, or various other circumstances.
Wills can be drafted to allow for beneficiaries’ interests to be protected and preserved on their behalf, either for the rest of their lives in the case of serious incapacity, or until they are an adult.
When such arrangements are included in a Will, they are known as ‘Testamentary Trusts’.
A well drafted Will, following carefully obtained instructions, can provide for Testamentary Trusts to allow for such circumstances.