Probate & Trust Advise

recruit18

Mum has a history of mental illness and Dad set this up years ago to protect her. She will benefit from the martial assets including house, car and investment returns...She seems happy with this situation and pleased her sons are looking out for her best interests.

Yorkshireman99

recruit18 wrote: »

Mum has a history of mental illness and Dad set this up years ago to protect her. She will benefit from the martial assets including house, car and investment returns...She seems happy with this situation and pleased her sons are looking out for her best interests.

This illustrates the importance of giving all the information from the beginning. It goes a long way to explaining why your father had the will drafted in the way it was.

getmore4less

recruit18 wrote: »

Mum has a history of mental illness and Dad set this up years ago to protect her. She will benefit from the martial assets including house, car and investment returns...She seems happy with this situation and pleased her sons are looking out for her best interests.

Have a good read up on immediate post death life interest to understand what has probably been set up.

It will be useful going into any meetings with you chosen professional.

The effect is as if the life tenant inherited the assets for IHT and CGT purposes, being spouse they retain transferable nil rate band and their estate gets taxed on death as if they owned it all(well below the current allowances)

If you all agree to releases funds from the trust they become a PET.

Life interest trusts are commonly used to protect assets from care fees with a relatively simple tax framework.

getmore4less

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.

Credentials can't be verified so people stand and fall by their posting history.

Those that keep making posts with errors or no real value are easily weeded out with a glance over posting history.