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Land Registry Form AS1 Life Interest Trust
Wallaceh
Posts: 7 Forumite
Hi,
My mother died last year. In her will, she gave one of my siblings a right of occupation in her house, after which it is to be sold and the proceeds divided between all her children in equal shares. I believe this is called a life interest trust. Her children were to be the trustees, but one declined and a grandchild took their place as trustee. Now it is time for the executors to transfer the property to the trustees and I wondered what is the correct way of completing the Declaration of Trust Box on Form AS1. Would it be correct to tick the third box "they are to hold the property on trust" and add some suitable comments referring to the terms of the will. Should a copy of the will be sent with the form?
I appreciate any help/advice that can be given.
My mother died last year. In her will, she gave one of my siblings a right of occupation in her house, after which it is to be sold and the proceeds divided between all her children in equal shares. I believe this is called a life interest trust. Her children were to be the trustees, but one declined and a grandchild took their place as trustee. Now it is time for the executors to transfer the property to the trustees and I wondered what is the correct way of completing the Declaration of Trust Box on Form AS1. Would it be correct to tick the third box "they are to hold the property on trust" and add some suitable comments referring to the terms of the will. Should a copy of the will be sent with the form?
I appreciate any help/advice that can be given.
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