Undestading will. Needs putting into layman terms

Sonny4cher

Needing some help to undertand my uncle's last will and testament . I am thinking he may have left some sort of trust? But at the same time i haven't got a clue. I dont inderstand it all.
Last will and testament of xxxxxxx
1. I revoke all former wills and testamentary dispositions.
2.a I appoint PERSON A to be the executrix and trustee of this my will
B. In this will the expression my trustees includes the trustees for the time being of this my will and of the trusts arising under it
C. I wish the firm xxxxxxx solicitors to be employed in connection with my estate abd if at my death the firm no longer exists i wish the firm which carries on its practise to be employed asforesaid.
3. I GIVE all my property both moveable and immoveable whatsoever snd wheresoever ( except property otherwise disposed of by this will or any codicil hereto) to my trustees upon trust:-
A. To sell call in snd convert the same or such part thereof as shall not consist of money with full power at their discretion to postpone such sale calling inand conversion without being responsible for loss.
B. To pay all my debts and testamentary expenses and any legacies given by this will or any codicil hereto and (except otherwise provided by this will or any codicil hereto) to pay all inheritance tax estate duties snd other imposts payable on or by reason of my death ehich are levisble in any part of the world in respect of my estate (whether moveable or immoveable) passing under this will or any coficil hereto
C. To hold residue (hereinafter reffered to as 'my residuary estate") upon the trusts hereinafter declared.
4. MY TRUSTEES shall hold my residuary estate and income therefrom ad to both capital and income abdolutrly for PERSON A if living at my death with the provision that if PERSON A fails to have survived me but not otherwise i direct that my trustees shsll hold my residuary estate and income therefrom in equal shares for PERSON B and PERSON C.

Crabapple

There's no trust. It's a technicality in that while an estate is being administered the executors are holding it on trust for beneficiaries, but there's nothing ongoing after that.

After all debts etc are paid everything is due to person A.

Crabapple

There's no trust. It's a technicality in that while an estate is being administered the executors are holding it on trust for beneficiaries, but there's nothing ongoing after that.

After all debts etc are paid everything is due to person A.

melanzana

All property in the estate to be sold. The trustee is also the executor, and the trustee is appointed to oversee the sale of the property in the estate. There is no "trust" as such.

The resulting monetary amount, after all fees, debts and taxes are paid to be give to person A absolutely, i.e. person A inherits everything.

If person A dies before the person making the will the estate is to given instead to persons B and C half and half.

Mojisola

Sonny4cher wrote: »

C. I wish the firm xxxxxxx solicitors to be employed in connection with my estate abd if at my death the firm no longer exists i wish the firm which carries on its practise to be employed asforesaid.

I can't understand why people specify a particular law firm in their will. If they trust someone enough to appoint them as executor, why not trust them to either get probate themselves or to choose a good solicitor to help?

The firm nominated in the will could be absolutely useless by the time of the death.

securityguy

"I can't understand why people specify a particular law firm in their will"

Indeed. It's not clear how enforceable such a clause is: I would hope that the SRA would take a pretty dim view of solicitor X suing an executor over the employment of solicitor Y (for a start off, it would involve a breach of client confidentiality by solicitor Y advertising their employment).

Crabapple

It specifically says 'wish' and I don't see that any similar clause could be other than an expression of wishes anyway.

The executor has all the authority in law so can do what they wish regarding solicitors or not as long as the estate is correctly administered.

Sonny4cher

What happens with the deeds to a property if they are only in the will makers name ? Does the name get changed over to the executor/trustee ?

So is the executor also the full beneficary from the will ?

Thanks in advance

getmore4less

No requirement to use the firm or sell things if the beneficiary(s) want them including property.

Crabapple

Any property would usually be transferred into the name of the beneficiary or sold by the executor. Depends if it is being kept or not whether there is a need to transfer it.

Sonny4cher

It is being lived in at the moment by the executor.