Property into trust fund instead of paying probate

Kerri7767

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 !

Keep_pedalling

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

Thank you , dad seems quite keen , but I need to really seek advice on this , it was his solicitor advising the move !

Yorkshireman99

Kerri7767 wrote: »

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 !

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.

Kerri7767

I think dad was trying to get out of probate , that was his main worry x

Yorkshireman99

Kerri7767 wrote: »

I think dad was trying to get out of probate , that was his main worry x

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

Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc

Yorkshireman99

Kerri7767 wrote: »

Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc

The fee is a few hundred. You should be able to DIY it. A solicitor is likely to charge upwards of £1,500.

Mojisola

Kerri7767 wrote: »

I think dad was trying to get out of probate , that was his main worry x

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

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

He can appoint a local solicitor who can deal with everything but it will cost. Read the stickies on this forum for more information.