Precatory trust meaning

Commencement and revocation This revocation clause may include optional phrasing restricting revocation solely to Wills concerning UK property. That accords with later provisions which can, if preferred, confine this Will’s scope to UK property only. This ensures consistency across the instrument where the intention is to confine effect to UK assets while leaving arrangements concerning overseas holdings untouched. Using this optional language means any testamentary dispositions relating to assets abroad remain effective. The wording is marked as optional and might be unsuitable where the Will is drafted for a testator with no foreign property and no prospect of acquiring any, or for one who owns property overseas and intends to revoke any testamentary dispositions concerning such property (note that local legal requirements for a valid revocation must be reviewed and verified). Accordingly, foreign dispositions previously made would continue without alteration and remain fully operative. Variation 1—expectation of intended marriage or civil partnership: As a general principle, a Will is revoked by the testator’s subsequent marriage. Nevertheless, a...

Trust drafting Testators often intend to incorporate a trust, or several trusts, within their Wills. Even where that is not intended, a trust can still come into being: Where a beneficiary is under 18 at the testator’s death and the testator does not wish the minor’s parent or guardian to issue a receipt on their behalf; a trust is required to hold the minor’s share until they attain 18 and are able to give a valid receipt. In these cases, it is usually better to set out the trust expressly in the Will to control its terms and the appointment of trustees. Where gifts are contingent, and a trust would allow the property to be managed until the contingency is fulfilled. Once the choice is made to include a testamentary trust, its structure must be settled. For instance, if the intention is to provide for the children, consider whether a bereaved minor trust or an 18–25 trust best meets the objectives...

I leave to my trustees the sum of £[ insert amount ] (‘the gift’), to be held on trust, invested, and the income applied towards the care and upkeep of my [ describe the animal, eg dog, cat etc adding gender ] named [ insert name of animal ] for a term of [ insert period not exceeding 21 years ] from my death, provided that [ insert name of animal ] survives for that time; and upon the earlier of the death of [ insert name of animal ] or the expiry of 21 years, the fund shall revert to and form part of my residuary estate. OR I bequeath to [ insert name of beneficiary ] a legacy of £[ insert amount ] together with my [ describe the animal together with its gender ] named [ insert name of animal ] (if alive when I die), and I record my wish (without creating any binding duty on [ insert name of beneficiary ]) that [ insert name...

I leave to my Trustees, free of tax, for their absolute use and benefit, all my personal chattels as defined in Section 55(1)(x) of the Administration of Estates Act 1925 [ (including chattels used solely or mainly for business purposes) ] not otherwise dealt with by this Will or any codicil to it, but it is my wish, without creating any trust or imposing any binding obligation on my Trustees, that within [ 6 OR 12 ] months of my death they dispose of such personal chattels in accordance with any wishes of mine that may come to their attention. In the absence of any such wishes, my Trustees will then divide the personal chattels between [ themselves OR [ name of default recipients ] ] as they think fit...