wills and trusts

NE5

Hello

can I ask what people think of having a trust as part of a Will ?

Is it a waste of time, what are the pros and cons

theoretica

Con - more work for the trustees

Pro - great/necessary if you have beneficiaries who cannot look after their own money, eg children/vulnerable

Keep_pedalling

Trusts can be useful to protect a vulnerable beneficiary, or protect your children’s inheritance in more complex marital set ups, but as you have not told us what you are trying to achieve we can’t answer the question as far as it relates to your particular situation.

NE5

I don't anticipate any dispute , or I hope not. There's no real reason, other than I was told about it during my appointment and am thinking about it. I also don't see the need in paying to have it stored as a precaution. There's no pressure in either case. I'm also happy just to make copies on my email/google etc or whatever else I can do. Or give a sealed copy to someone else. 

theoretica

The thing about storage is that when the time comes the original will be needed - digital backups of your will do not have any legal status, nor do normal uncertified copies...  Whatever you choose to do with it should be as near foolproof as you can arrange.

NE5

theoretica said:

The thing about storage is that when the time comes the original will be needed - digital backups of your will do not have any legal status, nor do normal uncertified copies...  Whatever you choose to do with it should be as near foolproof as you can arrange.

so you MUST produce the original ? What happens if the original is lost, in a fire, or whatever ? However remote the possibility ?

Mands

NE5 said:

theoretica said:

The thing about storage is that when the time comes the original will be needed - digital backups of your will do not have any legal status, nor do normal uncertified copies...  Whatever you choose to do with it should be as near foolproof as you can arrange.

so you MUST produce the original ? What happens if the original is lost, in a fire, or whatever ? However remote the possibility ?

Yes, you need the original will. If it's lost or destroyed you need to inform the probate office of that and provide the copy will and supporting documentation regarding the loss. 

https://www.gov.uk/government/publications/report-a-will-is-lost-to-support-a-probate-application

It's a surprisingly common query on this board. Maybe 1 in 100 threads start "we don't have the original will, where do we go from here".

Mojisola

NE5 said:

I also don't see the need in paying to have it stored as a precaution. There's no pressure in either case. I'm also happy just to make copies on my email/google etc or whatever else I can do. Or give a sealed copy to someone else.

The original, signed and witnessed will has to be produced to get probate.

We have stored our wills here - www.gov.uk/government/publications/store-a-will-with-the-probate-service/how-to-store-a-will-with-the-probate-service - but our executors have copies for information and, essential, the reference number needed to retrieve the will - best noted in several different places and in several different media.

NE5

There was something on the TV show lately about paying for funerals ?

Can someone tell me what it was please

LHW99

I think a bank can release funds to pay for the funeral before probate is obtained, but it needs the funeral directors' invoice to be presented.

RAS

We won't know what was on TV.

The issue may be that funerals have to be paid for before probate or administration is granted. The person instructing the FD is responsible for the bill. And bank accounts are frozen when death is reported.

The executor can get the FD to send the invoice to a bank that will pay directly from the frozen account as long as the resources are there.