wills and what do a trustee mean

pamela_Davies

My parents made a will where when one pass away then us children will be trustees of their half of their home. Dose this mean that the property is half the children and half the living parent.  Also who we need to inform anyone?

Keep_pedalling

Not enough detail given to be certain, but this sounds like a life interests trust. When one dies the survivor is given a life tenancy on the share owned by the deceased spouse. You and your siblings are the beneficiaries of the trust but will not obtain your inheritance until the death of the surviving parent or in some cases where they move into residential care. 

This provides security for the surviving spouse and protects the inherited share being lost because the survivor remarried, or used the whole house to pay for care costs. The trust is created by the will on the first death, and would need to be registered with HMRC.

If you have more questions it would be best to post over on the deaths, funerals and probate board.