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Late Aunt's will mentions non existent family member - what happens next?
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If none of the beneficiaries want the responsibility then use a bank or solicitor.pkmid said:
The will wanted trustees. I don’t have anyone other than myself willing but I also don’t want the responsibility.unforeseen said:Due to my decision as executor I will allow my cousin to own her property outright
Do you mean that you are doing something different to what the will specifies?
Of course that will cost money, but you can't have both the money and the lack of responsibility,0 -
AIUI the OP and the other beneficiaries are using a Deed of Variation to redirect the property from the trust to the cousin outright, based on this bit:
If all the potential beneficiaries of the Will - including all potential beneficiaries of the Trust - are happy with this, there is no need to go to the horrendous expense of doggedly going through with the trust and appointing a bank or solicitor as professional Trustees. (Who is going to pay them if the only asset in the trust is a property?)pkmid said:Problem is this requires everyone listed in the will to sign deeds and provide ID.
If the beneficiary ends up selling their house, losing the money and making themselves homeless, or some other undesirable consequence that the testatrix was trying to avoid by leaving the property to a trust, the beneficiaries will all just have to live with that on their conscience. (Or not; are they their cousin's keeper?)0
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