Advice needed re late father's will

mistec

My father died recently and his will states that the property goes to my mother, but his money goes to me and my siblings, but it's to be put into a 'trust' and the interest to go to my mother. This is English law, by the way.
Can anyone advise on where this money would be best put - without risk?
The solicitor, also an executor, says that as he's not a financial advisor, we've to find our own place to put it!
I can't imagine how we'll 'name' the account - if we find one - as, does it go into an account with all our names? or could there be any reason why the total amount couldn't be split between us to each put where we want, as long as mother gets her interest?
I must point out that mother initially wanted us to vary the will so that she would have control of all of this money, but as I've been estranged from my parents for a long time, I refused to allow it. I suspect she'll change her will, cutting me out of it, so if I allowed it, I wouldn't even get what my father wanted me to have.
Sorry this post is so long, but I really need and welcome your advice.

sand2880

The trustees as indicated in the will control the money and will need to ensure the investments will pay the interest to your mum again laid down in the will. The trustees can invest in savings account, unit trusts and investment bonds to provide income/interest. Common investments would be an investment bond that pays capital back at 5% per year on a monthly basis with a death guarantee to ensure all capital will be paid out upon the death your mum to the beneficiaries.

All trustees must agree and can only invest within the terms set out in the will.

Sounds complicated, most high street banks can arrange this but you do need all trustees to agree and sign.

wombat42_2

Post Deleted

sloughflint

I've never heard of what previous post says. Would someone else like to confirm?

As Mum is a beneficiary of the Trust, I think trustees have a legal duty to ensure that funds are safe and maximum possible interest is gained .
Again please correct me if this isn't so.

Ian_W

wombat42 wrote: »

Unless the title deeds for the property specifically declare your father and mother as "tenants in common" rather than "joint tenants", anything in the will will be disregarded and simply everything your father owned will be automatically passed onto your mother without any need for probate.

I don't claim any specific expertise in this field, but I don't believe this is correct based on the OP, viz:

his will states that the property goes to my mother

and

his money goes to me and my siblings

Are you saying the father can't leave his money [cash, investments, whatever] to his children if he isn't a tenant in common with his wife re the house?

FWIW I agree with Sand2880 - the will should appoint trustees to look after the money and they, I believe, will be governed by the trust deed and trustee law - which is extensive and mind boggling!

sand2880

yes, trustees have legal obligation to follow the will. Money invested to provide income for mum and capital protection for beneficiaries. The trustees are the owners of the money until mum passes away and then the capital remaining passed to beneficiaries (siblings) as indicated in the will.

wombat42_2

Ian_W wrote: »

I don't claim any specific expertise in this field, but I don't believe this is correct based on the OP, viz:
and
Are you saying the father can't leave his money [cash, investments, whatever] to his children if he isn't a tenant in common with his wife re the house?

It would have been a simple operation to write to the land registry to request a change to tenants in common.

I am not clear about your point about the father leaving his investments to the children. This obviously has nothing to do with the title deeds but having to go through the probate process just maybe for a few investments seems very cumbersome - maybe probate isnt required unless the property is included.

wombat42_2

sand2880 wrote: »

yes, trustees have legal obligation to follow the will. Money invested to provide income for mum and capital protection for beneficiaries. The trustees are the owners of the money until mum passes away and then the capital remaining passed to beneficiaries (siblings) as indicated in the will.

As i understand it, most trusts are discretionary trusts whereby the trustees have the option to create trusts. This is primarily a device to double the allowance on the property for inheritance tax. If it is not done properly the inland revenue will declare the trust invalid. getting advice on trusts can work out expensive and needs specialist advise.

sloughflint

Wombat, I do question what you put in your first post. Yes, if JT then the property would automatically go to spouse regardless of what is said in the will but not the rest of his estate, surely.

wombat42_2

sloughflint wrote: »

Wombat, I do question what you put in your first post. Yes, if JT then the property would automatically go to spouse regardless of what is said in the will but not the rest of his estate, surely.

Ive just posted to say virtually the same as you. We seem agreed about the property but as regards the rest of the estate Ive just said that it has nothing to do with the deeds. The only thing I am not sure about is whether probate is required just for any non-property parts of the will ?

sloughflint

No expert here but I thought that if funds at each establishment is below a certain level ( £15k springs to mind)then probate is not required to gain access