Creating a Trust for our house

cushty

xylophone wrote: »

You own the property as tenants-in-common and each of you (in your current wills) has left the share to the children with a life interest to the spouse?

You would change the will to leave the share to a discretionary trust where the Trustees would have discretion as to how to apply trust assets and income.

However, you need to appoint trustees able and willing to administer the Trust and to deal with taxation etc.

See https://www.gov.uk/trusts-taxes/types-of-trust

http://www.tolleytaxtutor.co.uk/taxtutor/files/subscriber/personal-tax/uk-trusts-and-estates/lectures/1d03.pdf



See a solicitor with expertise in wills and trusts

http://www.step.org/member-directory

Thank you once again Xylophone - your links are all much appreciated and we will make sure we find a solicitor with the right expertise.

Mojisola

cushty wrote: »

Just as a point of interest - we have just received a quote (we wouldn't sign anything at the time) for setting up the Trust - wait for it ...... drum roll....... £2K An email has been sent informing them that we won't be proceeding.

And that wouldn't have been the final cost - they would have found really important 'extras' and then charged you £30 a year to 'store the will and trust safely'.