Property into trust fund instead of paying probate

24

Comments

  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    Kerri7767 wrote: »
    I'll be very honest , his main worry is this .

    Both daughters live 100 miles plus away .. he was worried that when he dies , squatters would invade the house , then we would struggle getting them out !

    How would putting the house into a trust prevent squatters?
  • troubleinparadise
    troubleinparadise Posts: 1,120 Forumite
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    As your Dad doesn't understand what Probate means, and possibly what will happen to his estate after his death, why don't you read up on it and help him to understand.

    The solicitor he got that information from is either misleading him, or it wasn't explained clearly to him. It doesn't make sense reading it to me.

    You and your sister would know of your father's demise, and would be able to go to his house and secure it. Putting it into some sort of trust wouldn't protect his house from squatters!

    Stop him from wasting £3,000 on something that isn't going to work, and may well leave you with a greater problem to sort out in the future.
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    Because he was Informed house in trust dealt quicker than probate . In his eyes less time for squatters !
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    Thank you trouble in paradise ! I feel the solicitor is after his money on useless fees ! Thank you
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Kerri7767 wrote: »
    Thank you trouble in paradise ! I feel the solicitor is after his money on useless fees ! Thank you
    It really outageous for a solicitor to try and con anyone like this. It would not speed things up and probate would still be required. Your dad would be paying an extra £3 or 4k for nothing!
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    Thank you for all your help , I did read on the internet thatbwirh these trusts probate isn't needed . But as we know not everything can be believed !
  • Keep_pedalling
    Keep_pedalling Posts: 16,591 Forumite
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    Kerri7767 wrote: »
    Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc

    Well that simplifies matter, he does not have the £3k to waste.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Kerri7767 wrote: »
    Thank you for all your help , I did read on the internet thatbwirh these trusts probate isn't needed . But as we know not everything can be believed !
    They are a complete con. Probate is still needed as putting them into trust in this way does not remove them from the estate.
  • Keep_pedalling
    Keep_pedalling Posts: 16,591 Forumite
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    Yorkshireman99 wrote: »
    They are a complete con. Probate is still needed as putting them into trust in this way does not remove them from the estate.

    The asset would not fall ou of his estate until 7 years have past, and this 7 year clock does not start ticking until he moved out rather that the date he gifts it into trust.
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    May I ask do you work working solicitors and probate etc , you both have great knowledge!!!
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