Closing a Will Trust

Ali71

Hi all,

Looking for some advice re closing of a discretionary trust as part of a will. Trust contents were to be decided by trustees, so only thing to be considered was to be half of family home held as tenants in common by parents. Any monies and remainder of estate went to surviving parent. Estate as such was very well below NRB for IHT purposes. Probate was granted very quickly.


Surviving parent and I are the beneficiaries/executors and trustees. Surviving parent had thought LR automatically updated records as a result of Tell us Once and Probate, Will etc, but when subject raised recently, (two and a half years post death), I said I thought it had to be done by execs of will. Solicitor was consulted. Did a Deed Of Appointment as turns out because of wording of trust, the half property share was not AUTOMATICALLY inherited by me, had to be done by agreement between trustees and solicitor has done the forms to take deceased off register and add me.


She said that was all we needed to close the “Trust” and “may” or may not be a small amount of liability depending on property price, reliefs, etc but a bit concerned after reading up and looking at various forums, on line advice etc, what we need to do or how we go about this? Trust was never registered as no income (on advice of HM) parent lived/lives in house as main residence, property may have gone up a smidgeon in value in two and a half years although it will never be sold, and certainly not half of it anyway!! If I outlive parent, I will sell my home and move in, and if parent outlives me there will be no change. I don’t want surviving parent worried or bothered in any way.


I have tried looking at an estate form though not sure that’s the right thing, but seems more to do with interest cash and dividends etc. Nothing about simple half a house being appointed to beneficiary out of a trust. Sorry to be so long winded. Any advice gratefully and carefully considered.

Many thanks

Yorkshireman99

Go back to your solicitor and let them deal with it. Nobody on here can tell you without seeing all the documentation. It would be false economy to try and DIY it.

Ali71

Go back to your solicitor. Right. I will probably have to at some point, for peace of mind, just hoping to get some pointers about how this particular scenario works really. Rather than going in almost blind as it were.


Thanks.

Yorkshireman99

Ali71 wrote: »

Go back to your solicitor. Right. I will probably have to at some point, for peace of mind, just hoping to get some pointers about how this particular scenario works really. Rather than going in almost blind as it were.


Thanks.

Without seeing all the documents anything I could say would be mere speculation. There are so many ifs, and, buts or maybes that I see no point saying anything more. Sorry if that is not more helpful but it is my honest opinion.

Ali71

No, thank you for an honest opinion. You are right in that it seems most everything to do with most aspects of the law contain lots of ifs and buts and maybes, and that horny old chestnut, "interpretation".


Is it worth me asking what sort of info would help to form a decent sort of speculative opinion? Which is not for me to take literally of course, but to give me an idea of how this works, sort of. My solicitor is very decent (she's from Essex, why wouldn't she be?) but it always helps to have an understanding of what legal beagles are saying to you. Otherwise they are a lot of words that hit your face and fall to the floor like so many little dead things. No pun intended.

Yorkshireman99

Ali71 wrote: »

No, thank you for an honest opinion. You are right in that it seems most everything to do with most aspects of the law contain lots of ifs and buts and maybes, and that horny old chestnut, "interpretation".


Is it worth me asking what sort of info would help to form a decent sort of speculative opinion? Which is not for me to take literally of course, but to give me an idea of how this works, sort of. My solicitor is very decent (she's from Essex, why wouldn't she be?) but it always helps to have an understanding of what legal beagles are saying to you. Otherwise they are a lot of words that hit your face and fall to the floor like so many little dead things. No pun intended.

I refer you to. My previous reply. You need to bite the bullet and ask your solicitor for a quote to do the work.