Probate & Trust Advise

getmore4less · 4 February 2018 at 3:55AM

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.

I was pointing you in the direction to start correcting your understanding of how IHT works for trusts. In particular life interest.
If you want to learn it is better to DYOR than use the summaries posted here which is all most have the time to post for specific cases.

Yorkshireman99 · 4 February 2018 at 4:02AM

Crabapple wrote: »

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.

I echo Eddys post.

The problem with your post, and many others, is that the reader is often someone who knows nothing about the subject, and is often grief stricken and confused by the whole situation. They need to have it spelt out in a helpful manner not just seemingly glib remarks more applicable to those who are regular board readers. The other thing is that posters seldom give full enough information to allow detailed advice. You, and others, seem to think that trust law is quite straightforward. Sadly it is not, and all sorts of pitfalls await the unwary. Without knowing the full facts, which we seldom do, nobody should think of setting up a trust without specialist advice. In the OPs case whoever drafted the will did not know what they were doing and made matters even more complex. Good as the advice on here may be it is no substitute for that from professionals.

Crabapple · 4 February 2018 at 7:02AM

I think the advice that this is not actually that complex to a probate lawyer is far more helpful than your immediate go to 'needs a STEP solicitor'.

On the basis of the facts given it's a life interest trust (or more technically and immediate post-death interest trust) which are fairly common.

On the basis of the OP you are giving out advice that the solicitor who drew up the will didn't know what they were doing. That's highly unlikely, and entirely unhelpful.

Margot123 · 4 February 2018 at 8:45AM

Yorkshireman99 wrote: »

I echo Eddys post.

The problem with your post, and many others, is that the reader is often someone who knows nothing about the subject, and is often grief stricken and confused by the whole situation. They need to have it spelt out in a helpful manner not just seemingly glib remarks more applicable to those who are regular board readers. The other thing is that posters seldom give full enough information to allow detailed advice. You, and others, seem to think that trust law is quite straightforward. Sadly it is not, and all sorts of pitfalls await the unwary. Without knowing the full facts, which we seldom do, nobody should think of setting up a trust without specialist advice. In the OPs case whoever drafted the will did not know what they were doing and made matters even more complex. Good as the advice on here may be it is no substitute for that from professionals.

The voice of reason.

The OP's choice is between the advice of well-meaning random strangers on the internet or legal professionals.

Yorkshireman99 · 4 February 2018 at 12:08PM

Crabapple wrote: »

I think the advice that this is not actually that complex to a probate lawyer is far more helpful than your immediate go to 'needs a STEP solicitor'.

On the basis of the facts given it's a life interest trust (or more technically and immediate post-death interest trust) which are fairly common.

On the basis of the OP you are giving out advice that the solicitor who drew up the will didn't know what they were doing. That's highly unlikely, and entirely unhelpful.

On the contrary. The will is, from what we have been told was not well drafted and assuming that is so the OP should not go to that solicitor for further advice. Unfortunately it is, based on the cases that appear here, and those ending in litigation, relatively common for solicitors to draft will badly. Whilst you may glibly say that a life interest trust is faitly common to a novice such as the OP that is meaningless. In any case sweeping statements like that in legal matters just shows the shallowness of your knowldge.

Crabapple · 4 February 2018 at 12:24PM

I do sometimes wish we could show mse our credentials. I have no desire to show you personally, but am busy laughing at the idea that it is I that lack knowledge here.

You are scaremongering about this trust. The OP stated why it was done that way, his father apparently wanted it. Just because you don't understand the trust does not mean the solicitor didn't nor that the OPs father didn't.

Margot123 · 4 February 2018 at 2:44PM

I'm sure the OP now has all the information they need to make their own decision on whether or not to engage the services of a professional.

Let's not let this get personal, it is of no help to anyone, not to the OP nor anyone else in a similar situation.
They might be reluctant to seek the opinions of MSE forum members in the future.

Yorkshireman99 · 4 February 2018 at 5:15PM

Crabapple wrote: »

I do sometimes wish we could show mse our credentials. I have no desire to show you personally, but am busy laughing at the idea that it is I that lack knowledge here.

You are scaremongering about this trust. The OP stated why it was done that way, his father apparently wanted it. Just because you don't understand the trust does not mean the solicitor didn't nor that the OPs father didn't.

There is no need to make assertions such as you have done. The primary objective should be to clarify things for the OP not to just say a particular course of action is easy. You miss the underlying point. Any trust has pitfalls for the unwary. The fact that it may have been the deceaseds wish that it was done in this way does not mean that this was advisable. The crucial thing is that the OP gets professional advice from a solicitor that was not previously involved and fully understands trusts. It is my experience that many do not and I believe in this case the deceased was ill advised. Of course to be certain one needs to see the will and understand the reasoning behind it. So the prudent advice from a distance has to be to effectively get a second opinion from a trust specialist on how to proceed given the constraints of the will.

Mojisola · 4 February 2018 at 6:37PM

recruit18 wrote: »

My Dad's will states that all his assets including 50% of the house they own together (mortgage free) and all his money/shares etc.. should go into a Trust with my brother and myself named as trustees. House value est £300k+, savings/investments est £130k ish.

This was done to protect Mum from poor decisions or negative influences as my Dad trusted myself and my brother to look after Mums long term needs.

Also my Mum has little savings

If I was your mother I’d be taking advice about this will.

Unless she has special needs that require her to be protected, she should be able to enjoy the marital assets.

recruit18 · 4 February 2018 at 7:27PM

Thanks all - I realise it is difficult to advise properly without 100% of the info in this sort of situation. Due to the potential for this going pear shaped I will call a STEP solicitor in the morning.