Probate & Trust Advise

getmore4less

Try again, that has nothing to do with what eddy got wrong.

Crabapple

I can't seem to quote on my phone...

An IFA often gets paid by commission from the investment so there may well not need any upfront fees. They will have to explain how they get paid to you.

The short version on the trust taxation point is it is spouse exempt now, agregates on the second death and there's still two nil-rate bands available (assuming no other gifts in will).

Yorkshireman99

Crabapple wrote: »

You don't need to 'set up' this trust, it already exists. What you need to do is administer the estate so that the assets can be transferred to the trustees.

As far as the investment is concerned you need a good independent financial advisor.

I disagree that you absolutely need a STEP qualified person. You need someone who specialises in probate not an old-fashioned 'dabbler' who does a bit of everything. Many experienced practioners do not have STEP because it is an expensive and time consuming qualification to achieve.

On the information given this is a pretty straightforward life interest trust.

That is very bad advice. The reality is that many solicitors are not trust specialists as it one of the most complex parts of law. Neither are they dabblers. Most firms of solicitors have partners who each have their own specialty including trusts. Despite the glib replies trusts are emphaticly not straightforward and trying to administer them without specialist advice is irresponsible.

Margot123

Yorkshireman99 wrote: »

That is very bad advice. The reality is that many solicitors are not trust specialists as it one of the most complex parts of law. Neither are they dabblers. Most firms of solicitors have partners who each have their of specialty including trusts. Despite the glib replies trusts are emphaticly not straightforward and trying to administer them without specialist advice is irresponsible.

Yes, this is not a simple Trust as is the case in many wills.
Mostly the term 'Trust' is used loosely, but not in this case.

OP would be advised to seek professional assistance on this as the executors are bound by the Trustee Act.

eddyinfreehold

...@GetMoreForLess

...Have you been on the sherry? These responses are a bit aggressive don't you think?

...work out how to put your fingers on the keys correctly and be a little more polite when criticising please. You are so quick to post & you don't even bother checking. We are not party to how this Trust has been arranged and we haven't seen the Will. Also, don't instruct (tell) me to 'amend' my post. It will sit there unamended so any error I may have made can be read in context and corrected. My comments are cautious, advising the OP to check with a solicitor so that the correct position is ascertained. Nothing more than that. If you are so confident you can give legal advice as a third party without reading any of the original documents then you are foolish.

Read up the rules on immediate post death life interest trusts and amend you post.

Is that an order?

Try again, that has nothing to do with what eddy got wrong.

Unnecessary post there. I wish I had your confidence about the exact position without having read any of the paperwork. I'm not a qualified Solicitor. Are you, GetMoreForLess?

Last post on Money Saving Expert forum I feel if it carries on this way.... Goodbye.

Crabapple

Yorkshireman -almost no-one in law firms these days does not specialise in specific areas of law, it's not just partners.

This type of trust is absolutely one that probate apecialists will have seen many times.

I was trying to make the point that a STEP qualification is not the sole indicator of someone who could advise here. I have worked with many experienced lawyers who do not hold it because of the expense and time it takes to get, yet still know their stuff.

I was not suggesting that the OP ask just anyone for advice.

Yorkshireman99

eddyinfreehold wrote: »

...@GetMoreForLess

...Have you been on the sherry? These responses are a bit aggressive don't you think?

...work out how to put your fingers on the keys correctly and be a little more polite when criticising please. You are so quick to post & you don't even bother checking. We are not party to how this Trust has been arranged and we haven't seen the Will. Also, don't instruct (tell) me to 'amend' my post. It will sit there unamended so any error I may have made can be read in context and corrected. My comments are cautious, advising the OP to check with a solicitor so that the correct position is ascertained. Nothing more than that. If you are so confident you can give legal advice as a third party without reading any of the original documents then you are foolish.

Read up the rules on immediate post death life interest trusts and amend you post.

Is that an order?

Try again, that has nothing to do with what eddy got wrong.

Unnecessary post there. I wish I had your confidence about the exact position without having read any of the paperwork. I'm not a qualified Solicitor. Are you, GetMoreForLess?

Last post on Money Saving Expert forum I feel if it carries on this way.... Goodbye.

You can always ignore the people who you prefer to ignore. In the case of the OP the will was obviously written by someone who did not understand the implications. Sadly not, IMHO, untypical of non trust specialists. What I find a problem are those who just assume that the novice reader will understand their glib remarks whereas in fact they will be more confused.

Yorkshireman99

recruit18 wrote: »

Thanks for the advise.

Mum will have her own pensions and a share of Dads pensions. I estimate £1,400/month so that seems reasonable for 1 person. Any interest from the trust will be an additional bonus. As I said we're planning to release £20k-£30k for home maintenance and savings for Mum.

So it seems theres a difference of opinion on STEP or not. The will seems clear-ish what should happen. So when we have probate we just ask the banks and share companies to transfer the assets to an account(s) in the name of the trustees and then we manage the investments from there (using an independent financial adviser if required), paying any interest to Mum bank account?

Any idea of costs of using an IFA?

IFA costs vary widely. You would be best asking for personal recomendations. Avoid banks, building societies and small independedent (one man) IFAs. You do need to understand what you can, an cannot do as trustees, to avoid being liable for errors.

recruit18

Thanks for the responses but I must admit I'm probably more confused than when I posted the thread. I guess I will have to seek the advise of a professional STEP solicitor to ensure we as trustees, fulfill our duties correctly.

Yorkshireman99

recruit18 wrote: »

Thanks for the responses but I must admit I'm probably more confused than when I posted the thread. I guess I will have to seek the advise of a professional STEP solicitor to ensure we as trustees, fulfill our duties correctly.

It is the setting up of the trust that is the primary need for you to see a STEP member.