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  • FIRST POST
    • Kerri7767
    • By Kerri7767 12th Jun 17, 7:42 PM
    • 43Posts
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    Kerri7767
    Property into trust fund instead of paying probate
    • #1
    • 12th Jun 17, 7:42 PM
    Property into trust fund instead of paying probate 12th Jun 17 at 7:42 PM
    Hi I'm posting on behalf of my dad , he's been to sort out his will.

    Dad mortgage is paid off he lives alone no wife . He has 2 daughters . He had been advised that when he does probate will happen . But then also mentioned putting his house into a trust friend to escape probate but it will cost 3 grand .

    Cabt he just it house into our names instead of trust fund.

    What are the cons to trust fund , it doesn't sound straight forward to me . Thanks !
Page 1
    • Keep pedalling
    • By Keep pedalling 12th Jun 17, 8:14 PM
    • 4,066 Posts
    • 4,429 Thanks
    Keep pedalling
    • #2
    • 12th Jun 17, 8:14 PM
    • #2
    • 12th Jun 17, 8:14 PM
    Under no circumstances should he do this, it will not avoid probate. The only reason this is suggested by the type of scummy salesmen your dad seams to be talking to, is to avoid the possibility of care fees. This is unlikely to work as it is likely to be regarded as deprivation of assets, and could lumber him with a serious problem should he ever want to downsize.

    Anyway even if it did work who wants to end up care with zero choice in where you go?
    • Kerri7767
    • By Kerri7767 12th Jun 17, 8:31 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    • #3
    • 12th Jun 17, 8:31 PM
    • #3
    • 12th Jun 17, 8:31 PM
    Thank you , dad seems quite keen , but I need to really seek advice on this , it was his solicitor advising the move !
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 8:34 PM
    • 3,370 Posts
    • 2,730 Thanks
    Yorkshireman99
    • #4
    • 12th Jun 17, 8:34 PM
    • #4
    • 12th Jun 17, 8:34 PM
    Hi I'm posting on behalf of my dad , he's been to sort out his will.

    Dad mortgage is paid off he lives alone no wife . He has 2 daughters . He had been advised that when he does probate will happen . But then also mentioned putting his house into a trust friend to escape probate but it will cost 3 grand .

    Cabt he just it house into our names instead of trust fund.

    What are the cons to trust fund , it doesn't sound straight forward to me . Thanks !
    Originally posted by Kerri7767
    Pure undiluted BS from the solicitor. Your dad should not waste his money. He should go elsewhere for a will but only a solicitor not a will writer.
    Last edited by Yorkshireman99; 12-06-2017 at 8:51 PM.
    • Kerri7767
    • By Kerri7767 12th Jun 17, 8:38 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    • #5
    • 12th Jun 17, 8:38 PM
    • #5
    • 12th Jun 17, 8:38 PM
    I think dad was trying to get out of probate , that was his main worry x
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 9:01 PM
    • 3,370 Posts
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    Yorkshireman99
    • #6
    • 12th Jun 17, 9:01 PM
    • #6
    • 12th Jun 17, 9:01 PM
    I think dad was trying to get out of probate , that was his main worry x
    Originally posted by Kerri7767
    I don't think he understands what probate means. The problem is that what the solicitor was propsing would not avoid probate anyway. It would be a complete waste of money.
    • Kerri7767
    • By Kerri7767 12th Jun 17, 9:04 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    • #7
    • 12th Jun 17, 9:04 PM
    • #7
    • 12th Jun 17, 9:04 PM
    Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 9:15 PM
    • 3,370 Posts
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    Yorkshireman99
    • #8
    • 12th Jun 17, 9:15 PM
    • #8
    • 12th Jun 17, 9:15 PM
    Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc
    Originally posted by Kerri7767
    The fee is a few hundred. You should be able to DIY it. A solicitor is likely to charge upwards of £1,500.
    • Mojisola
    • By Mojisola 12th Jun 17, 9:21 PM
    • 28,635 Posts
    • 72,954 Thanks
    Mojisola
    • #9
    • 12th Jun 17, 9:21 PM
    • #9
    • 12th Jun 17, 9:21 PM
    I think dad was trying to get out of probate , that was his main worry x
    Originally posted by Kerri7767
    Why is he worried about his estate going through probate?

    All it means is that his executors are given the authority to deal with what he leaves according to his will.
    • Kerri7767
    • By Kerri7767 12th Jun 17, 9:30 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    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 !
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 9:37 PM
    • 3,370 Posts
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    Yorkshireman99
    He can appoint a local solicitor who can deal with everything but it will cost. Read the stickies on this forum for more information.
    • Mojisola
    • By Mojisola 12th Jun 17, 9:38 PM
    • 28,635 Posts
    • 72,954 Thanks
    Mojisola
    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 !
    Originally posted by Kerri7767
    How would putting the house into a trust prevent squatters?
    • troubleinparadise
    • By troubleinparadise 12th Jun 17, 9:39 PM
    • 984 Posts
    • 1,626 Thanks
    troubleinparadise
    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
    • By Kerri7767 12th Jun 17, 10:07 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    Because he was Informed house in trust dealt quicker than probate . In his eyes less time for squatters !
    • Kerri7767
    • By Kerri7767 12th Jun 17, 10:08 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    Thank you trouble in paradise ! I feel the solicitor is after his money on useless fees ! Thank you
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 10:20 PM
    • 3,370 Posts
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    Yorkshireman99
    Thank you trouble in paradise ! I feel the solicitor is after his money on useless fees ! Thank you
    Originally posted by Kerri7767
    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
    • By Kerri7767 12th Jun 17, 10:28 PM
    • 43 Posts
    • 9 Thanks
    Kerri7767
    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
    • By Keep pedalling 12th Jun 17, 10:45 PM
    • 4,066 Posts
    • 4,429 Thanks
    Keep pedalling
    Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc
    Originally posted by Kerri7767
    Well that simplifies matter, he does not have the £3k to waste.
    • Yorkshireman99
    • By Yorkshireman99 12th Jun 17, 10:53 PM
    • 3,370 Posts
    • 2,730 Thanks
    Yorkshireman99
    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 !
    Originally posted by Kerri7767
    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
    • By Keep pedalling 12th Jun 17, 11:10 PM
    • 4,066 Posts
    • 4,429 Thanks
    Keep pedalling
    They are a complete con. Probate is still needed as putting them into trust in this way does not remove them from the estate.
    Originally posted by Yorkshireman99
    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.
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