DIY Life and discretionary trust

Wordonawing

Hi
I'd like some advice/thoughts.
My husband died late last year and his will asks for a Life trust to be set up so that I can keep an interest in his half of our home until I die.
Also a discretionary trust must be set up to share his assets in accordance with his wishes.
My problem is that two of the trustees, his daughter (my step-daughter) and her partner want to set up the trust, rather than use my husbands solicitor or any solicitor. I am also a trustee along with a family friend. I think that this is too important to let them set up the trusts. I want to pay a solicitor but they think, because they work in finance that they can do it all themselves.

I'd welcome any thoughts on this and whether you think I have a legal right to insist on a professional trust expert to set it all up for us.

Needless to say, I'm finding all a bit stressful. I have enough to deal with just grieving!

Regards

Chris

Yorkshireman99

Wordonawing wrote: »

Hi
I'd like some advice/thoughts.
My husband died late last year and his will asks for a Life trust to be set up so that I can keep an interest in his half of our home until I die.
Also a discretionary trust must be set up to share his assets in accordance with his wishes.
My problem is that two of the trustees, his daughter (my step-daughter) and her partner want to set up the trust, rather than use my husbands solicitor or any solicitor. I am also a trustee along with a family friend. I think that this is too important to let them set up the trusts. I want to pay a solicitor but they think, because they work in finance that they can do it all themselves.

I'd welcome any thoughts on this and whether you think I have a legal right to insist on a professional trust expert to set it all up for us.

Needless to say, I'm finding all a bit stressful. I have enough to deal with just grieving!

Regards

Chris

You need a solicitor who is a STEP member. Emphaticly NOT a DIY job.

getmore4less

The trusts exist as the will is the trust document.

Life interest (IPDI trust) with just a property are usually simple as there is no income, or tax returns needed
typically you change the legal owners to any remaining owner and one or more of the trustees but even that is optional you can just take the deceased name off the current title

The discretionary will need more work as they tend to have assets that need investing.

This will need more advice from a trust specialist as it is unlikely the will covers all the standard terms for these type of trusts.

Investing and tax returns are certainly within scope of people with financial skills.

Also a discretionary trust must be set up to share his assets in accordance with his wishes

Are you sure the will requires the assets to be in the trust for the long term and it is not just standard terms that the assets are in trust during administration to be distributed to beneficiaries sooner rather than later.

Wordonawing

Thanks for your replies. I will insist on using an expert to guide us through the trusts. In reply, the assets in the discretionary trust are to be distributed to 4 beneficiaries, including myself.

Regards

Chris

Keep_pedalling

Wordonawing wrote: »

Thanks for your replies. I will insist on using an expert to guide us through the trusts. In reply, the assets in the discretionary trust are to be distributed to 4 beneficiaries, including myself.

Regards

Chris

I am puzzled by the discretionary trust situation. As the name suggests any distribution from a DT is discretionary with the trustees making all the decisions on who gets what and when. If the will states that the assets are to be distributed 4 ways then that sounds more like an absolute gift not a trust.

SevenOfNine

I think questions asked by getmoreforless & keep pedalling regarding the DT should probably be answered before you insist on using a solicitor, there may well be unnecessary costs involved.