Trusts for children's inheritance, drafted when Islington couples still have young families
Most Islington couples do not need trusts for themselves. What they often need are trusts in their wills for their children's inheritance, activated only if both parents die while the children are young. The trust holds the estate until the children reach a sensible age, rather than handing them everything at 18.
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Why Islington trust planning is usually about the children, not the parents
An Islington couple in their mid-thirties with a flat worth £650,000, combined pensions of £300,000, and two children under 10 does not usually need a trust for the surviving spouse. What they need is a trust in both wills for the children, activated only if both parents die, holding the estate until the children reach an age where they can sensibly manage it.
An outright gift to children of £800,000 on both parents' death, received at 18, is rarely what parents actually want. A trust holding the capital until 25, with income available earlier for education and living costs, is much more often the intended outcome. Specialist drafters in Islington include contingent trust provisions as standard.
Life insurance trusts are the parallel structure. A £500,000 life insurance policy paid into the estate rather than a trust attracts IHT at 40% above the nil-rate band, potentially losing £200,000 to tax. Writing the policy in trust is usually free and protects the full payout for the chosen beneficiaries.
The Islington contingent trust that stops two 18-year-olds inheriting £800,000 at once
A typical Islington estate has a flat worth £650,000, pensions of £300,000, and life insurance of £500,000. On the death of both parents while children are young, the estate easily reaches £1.5 million. A contingent trust in both parents' wills holds this capital until the children reach 25 or 30, with trustees managing the assets and making appropriate distributions along the way. Without the trust, the children receive everything at 18.
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The Islington trust planning process within a first-will engagement
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Trust Planning in Islington — common questions
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If your Islington will is your first will and your children are still young, a contingent trust for their inheritance is the drafting element most parents wish they had thought of earlier. We will match you with a specialist who includes it as standard in a young-family will engagement.