Wills and Trusts

CAPPELLA_2

My father died 6 years ago and my mother remains in their flat which is designated ‘Tenants in Common’. My father’s will (which has been through Probate) appointed myself and my sister as Executors and Trustees and states :-
I give (free of all tax) to my Trustees my beneficial share (‘my share’) in or in the future proceeds of the leasehold property known as XXXXXX or such other property that I may own at the time of my death.
also
Residuary estate
‘My trustees shall hold the balance of my estate for my wife xxxxx absolutely but if she dies before me ………………….. etc.
My mother will live in the flat for as long as she wants to but I wonder if we as Trustees for half the property need to take any further action at this time such as applying to change the Land Registry document or Deeds perhaps.

xylophone

Your father's beneficial interest in the property and all his residuary estate (ie the balance of his estate which is left after the payment of specific gifts, debts, funeral expenses and inheritance tax) has been bequeathed to the Cappella Will Trust.

The Trust will need to be managed under the terms set out in the Trust Deed.

Regarding the property, the Trustees are the legal owners of the assets within the Trust.

Check with your solicitor whether you and your sister should register yourself as proprietors or if not, what kind of restriction should be entered at the Land Registry.

https://www.gov.uk/government/publications/private-trusts-of-land/practice-guide-24-private-trusts-of-land

https://www.jonathanlea.net/2018/how-to-register-a-declaration-of-trust-at-the-land-registry/

getmore4less

There seems to be wording missing from that extract from that will.
No beneficiary for the property

The residue vests with the wife.

xylophone

There seems to be wording missing from that extract from that will.
No beneficiary for the property

It does not seem that the OP's father left his beneficial interest to his children as an absolute bequest but rather to his children in their capacity as Trustees - it may be that there is an interest in possession/right to reside clause? Or it may be that they have absolute discretion to grant one?

As Executors/Trustees they were to hold the residuary estate on absolute trust for their mother so that it vested but was presumably part of the Will Trust?

It does seem odd that if it was to go to the wife as a direct bequest, the will did not say 'I leave my residuary estate to my wife absolutely"?

CAPPELLA_2

Thanks everyone the but legal minutiae is leaving me cold. I will refer to a specialist solicitor.

xylophone

Do come back when you know the answer as it could be of interest to other posters.

getmore4less

xylophone wrote: »

It does not seem that the OP's father left his beneficial interest to his children as an absolute bequest but rather to his children in their capacity as Trustees - it may be that there is an interest in possession/right to reside clause? Or it may be that they have absolute discretion to grant one?

As Executors/Trustees they were to hold the residuary estate on absolute trust for their mother so that it vested but was presumably part of the Will Trust?

It does seem odd that if it was to go to the wife as a direct bequest, the will did not say 'I leave my residuary estate to my wife absolutely"?

that's pretty much standard default wording for residual.

Everything goes into the default will trust under the executors/trustees, often with absolute power to do things like delay the sale of a property forthe named beneficiaries(the wife)


this is the bit that seems to be missing cruicial information.

I give (free of all tax) to my Trustees my beneficial share (‘my share’) in or in the future proceeds of the leasehold property known as XXXXXX or such other property that I may own at the time of my death.

it does not identify the the beneficiaries, common options are life interest(IPDI) trust with kids as remaindermen, sometimes discretionary with spouse and kids as beneficiaries.