A day in the life of a Trainee Estate Planner

By Ash Gedge
In May 17, 2017
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After nearly 6 hours in the car I arrived in Lincoln to take part in the Society of Will Writers – Wills and Estate Planning Certificate course. Here I would learn how to write a valid Will all the way through to intricate Trust work and how these areas of planning can effect different ways and what specific Trust may be the best solution for different situations.

On the first day we looked at the validity of Wills and the different circumstances that can invalidate a Will, including correct attestation and how the Wills should be laid out. This was very interesting as we discussed case studies and how we would ensure that our Wills would be valid and best practice to ensure that our Wills and the service we provide are of the highest quality from the initial instruction to the correct signing of the Will.

The second day was slightly different as we explored the Will itself and how we would structure Wills. We started by looking in to Executors and Trustees and how the roles vary. Also first and second death gifting and how this can affect the Testator’s Estates. We finished the day by starting to look at simple Will Trusts and how they can be of benefit dependant on client’s circumstances.

The third day consisted of delving deeper into Will Trusts and Living Trusts and how the benefits of each Trust can work for each client differently depending on circumstances. We looked at Life Interest Trusts and Discretionary Will Trusts and the benefits of these for different types of Estates. Also Living Trusts such as Pilot Trusts and how they can benefit Testators and their Beneficiaries during the Testator’s lifetime.

The final day was a specific Trust day again, dealing with Will Trusts and Living Trusts but this time understanding the correct wording that will need to be included for a Trust to be effective and how these different Trusts will be Taxed. This is extremely important as each client will have different financial circumstances, so the use of effective Lifetime and Will Trust Planning is essential based on each Client’s individual circumstances.

Overall, it was a great week learning more about Wills, Trusts and Estate Planning as a whole and how to implement this for my Clients and to make their Estate Plans as efficient and effective as possible. I met some great people and made some great connections for both business and friendship and I plan to keep in contact with as many of them as I can.

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