"On trust for sale"

ProbateNewbie

Can't remember if I've asked this before but anyway. 🫤

My Mum's Will states:

My Executors shall hold the rest of my estate on trust for sale on the following terms:

a. pay debts taxes & Executorship expenses.

b. divide the residue into 2 equal shares & pay 

Daughter XX

Daughter YY


Does "on trust for sale" mean everything in the residual estate has to be sold & the proceeds divided, or can the actual items (jewellery/personal possessions - not massively valuable) be divided between the beneficiaries?

RAS

Who are the executors?

And what is the monetary policy value of the personal possessions to which you refer?

ProbateNewbie

@RAS

Executors are myself, sister & StepFather who is not a beneficiary as such but has a life interest in their property.

Personal possessions are worth around £2K.

poseidon1

ProbateNewbie said:

Can't remember if I've asked this before but anyway. 🫤

My Mum's Will states:

My Executors shall hold the rest of my estate on trust for sale on the following terms:

a. pay debts taxes & Executorship expenses.

b. divide the residue into 2 equal shares & pay 

Daughter XX

Daughter YY


Does "on trust for sale" mean everything in the residual estate has to be sold & the proceeds divided, or can the actual items (jewellery/personal possessions - not massively valuable) be divided between the beneficiaries?

'Trust for sale' is a very specific and old concept in Land law which requires that land be held under a obligation that it be ultimately sold and proceeds distributed to specified persons. 

Has such, when used in Wills it should be clear that it is referring to any land in the estate and nothing else.

Your mother's Will may well have been sloppily drafted in this regard particularly as you state your father retains a life interest in the family property so obviously that can't be sold whilst his interest subsists. 

 Therefore, suggest you ignore the term in relation to her personal chattels and  jewellery  and distribute these  between you  in whatever way you both feel fit, with no compulsion to sell.

Unfortunately, between out of date solicitors and dubious will writing firms, imprecise drafting of wills still a bit of an issue, to the detriment of the unknowing general public.

Marcon

ProbateNewbie said:

Can't remember if I've asked this before but anyway. 🫤

My Mum's Will states:

My Executors shall hold the rest of my estate on trust for sale on the following terms:

a. pay debts taxes & Executorship expenses.

b. divide the residue into 2 equal shares & pay 

Daughter XX

Daughter YY


Does "on trust for sale" mean everything in the residual estate has to be sold & the proceeds divided, or can the actual items (jewellery/personal possessions - not massively valuable) be divided between the beneficiaries?

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ProbateNewbie

@poseidon1, thanks. 

ProbateNewbie

@Marcon thank you, I hadn't seen your post until just now. 🙂