Expression of Trust Wishes
The Expression of Trust Wishes is designed to record that which you would wish to happen to the assets in your Trust after your death.
You cannot fetter the discretion of the Trustees, i.e. you cannot insist that the following happens legally, but the Trustees are under a duty to take your wishes into consideration and wherever possible implement them.
Some typical examples of wishes are listed below:
- Children not to benefit absolutely until the age of 25 or above.
- A Spouse/Partner restricted from co-habiting within the property.
- Money to be used for educational purposes, e.g. for university fees or for buying a first property.
- Assets not to be sold, to be invested and resulting interest to be distributed equally to Beneficiaries.
- Bloodline inheritance, i.e. who should benefit thereafter if somebody that you have nominated dies before or within the Trust period.
- Other conditions that you would wish to stipulate in regards to the use of your assets after your death.
Our 20 Most Common Expression of Trust Wishes Clauses
1. Anything the Trustees deem appropriate in their discretion can be effected.
2. Partner can stay in property until they remarry, then property must be sold and the Beneficiaries appointed their funds through the use of protective loan notes.
3. Partner can stay in property until they move a new partner in, then property must be sold and the Beneficiaries appointed their funds through the use of protective loan notes.
4. If surviving partner vacates the property for a period of six months or more, and this is not for medical reasons, then property must be sold and the Beneficiaries appointed their funds through the use of protective loan notes.
5. Money in any Trust can be appointed out through the use of protective loan notes for further:
(b) medical needs
(c) buying a first car
(d) the deposit on a first property
(e) setting up a business
(f) paying off university fees
(g) funding a gap year
(h) paying off a mortgage
(i) paying off the debts of any of the Beneficiaries as the Trustees see fit
6 Loans only to be made to named Beneficiaries.
7. Loans to be made available to anyone.
8. All loans (not appointed under EOTW succession) must bear interest for anyone.
9. All loans (not appointed under EOTW succession) must bear interest except for a Beneficiary.
10. All protective loan notes for funds appointed under EOTW succession to bear interest at the Trustees’ discretion.
11. Specific person to have a right to remain in property until a specific age.
12. Specific person to have a right to remain in property until a specific anniversary of Testator’s death.
13. Property to be sold immediately upon Testator’s death.
14. Property never to be sold, only rented out, and rental income split equally between XYZ.
15. Property to be sold at a specific time.
16. Rental to be decided by the average of three independent valuations.
17. Property valuation to be decided by the average of three independent valuations.
18. Any sibling can buy the others out based on average valuation.
19. Any liquid funds in the Trust to be invested in low-risk options only, as decided by the majority decision of Trustees based on three different IFA reports.
20. In the eventuality of an even number of Trustees being left, and a majority decision being required on a specific matter, then the decision of the eldest Trustee forces the vote in an even split decision scenario.