Confused about Inheritance letter from Solicitor

gbl1977

Yeah I did the sums. 

RAS

Even though the solicitor is acting for the accountant, I'd be tempted to write to the executor and ask them 

1) who are going to be the trustees, reported to the HMRC. I suspect that it needs to be the executor and the ex POA? 
2) how are any professional fees incurred by the trustees going to be funded?

Until you know who the trustees are, you can't sensibly approach them to find out what they might agree to fund, or perhaps suggest that the amount of bother managing the trust is excessive considering the value.

gbl1977

RAS said:

Even though the solicitor is acting for the accountant, I'd be tempted to write to the executor and ask them 

1) who are going to be the trustees, reported to the HMRC. I suspect that it needs to be the executor and the ex POA? 
2) how are any professional fees incurred by the trustees going to be funded?

Until you know who the trustees are, you can't sensibly approach them to find out what they might agree to fund, or perhaps suggest that the amount of bother managing the trust is excessive considering the value.

Thanks.  I'll find out who's who and see what the plan is.  It is rather excessive considering the amount. 

gbl1977

The trustee is the executor and ex power of attorney. She was also my mums best friend and I've known her all my life.  She said to me earlier in the year I might get a substantial amount but my mum had concerns due to my past when younger (planted by the accountant). I'll have to wait to see what happens when the solicitor contacts the trustee

mavenmim

It says you don't get the £10k, only the interest on it. You do get any extra value to her estate beyond that which is shared out in the will (the "residiary estate"). And the trustees can lend you money from the £10k if they believe it is on terms that it will be repaid, as it will go to your mum's grandchildren after you've had the interest payments.

gbl1977

mavenmim said:

It says you don't get the £10k, only the interest on it. You do get any extra value to her estate beyond that which is shared out in the will (the "residiary estate"). And the trustees can lend you money from the £10k if they believe it is on terms that it will be repaid, as it will go to your mum's grandchildren after you've had the interest payments.

If I do get the residue and its not included in the trust then that makes things better because the residue is far more than the 10k although I do not know how much it actually is. When I last did my mums finances in 2019 there was around 75k in total. 5k went to the four grandkids,  1k x2 to two friends,  10k to my sister, 1k split between two charities.  Then there will be fees to pay which I wouldn't know what they would be.  So possibly the residue may be 30k probably less.

nom_de_plume

RAS said:

Until you know who the trustees are, you can't sensibly approach them to find out what they might agree to fund, or perhaps suggest that the amount of bother managing the trust is excessive considering the value.

If you are suggesting that the sum involved is so small it would perhaps be better to just hand it all over, the problem with that will be that the grandchildren are the eventual recipients of the capital sum so it should go straight to them.

If indeed it will be too costly to administer, perhaps the OP could consider a DOV and let the grandchildren benefit sooner rather than later?