Help ‘executing’ a Will - Property in Trust

Thanks in advance and apologies if this is covered elsewhere - I have tried searching.

My grandfather passed last year survived by my grandmother and his Will instructs that his share of the property go to his Trustees to hold UPON TRUST for sale but that my grandmother may continue to live there as long as she wishes. Can’t be sold without her consent. When the trust ends Grandfathers share to be held by trustees on trust for my Father absolutely. 

My grandmother and father are the Trustees and Executors and have asked me to help them.

We have obtained probate and no Inheritance tax needed to be paid. I understand that the Trust was automatically created on my Grandfather’s death but what do we need to do with the Land Registry for the property aside from remove my Grandfather? 
I believe we need to register a Trust with HMRC, there seem to be different types so I’m not sure what is appropriate here.

There is another section about other assets being held in Trust to be divided by my father and his children which I take to be covered by the Trust and not need anything separate/ additional but mention it in case otherwise. 
My grandparents held identical wills and were tenants in common. There is no mortgage. I can share specific wording if helpful? 

Comments

  • RAS
    RAS Posts: 34,916 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Exact wording, minus identifiers, would be useful, as they define the rules of the trust. 
    If you've have not made a mistake, you've made nothing

  • Apologies, I should have included this before. Thank you, any help gratefully received.


  • GDB2222
    GDB2222 Posts: 25,953 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    That's a pretty standard will. I've seen hundreds like it.

    Although clause 3 says "upon trust", it isn't a trust. It's just a gift of the residue of the estate to be divided between the son and grandchildren. 

    You should get the property registered at the Land Registry in the names of the two trustees, ie grandmother and father. 

    I've been retired a while, and this business of registering trusts has happened since, so I have no practical experience. There's some details here:
    https://www.gov.uk/guidance/register-a-trust-as-a-trustee     

    That web page is fairly lengthy, but mainly straightforward, so please read it and feel free to ask if you have any specific questions.


    No reliance should be placed on the above! Absolutely none, do you hear?
  • Keep_pedalling
    Keep_pedalling Posts: 20,125 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    The normal procedure would be for the will to set up an immediate post death interest trust,  this does not seem to do this. Was this a professionally drawn up will?
  • GDB2222
    GDB2222 Posts: 25,953 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The normal procedure would be for the will to set up an immediate post death interest trust,  this does not seem to do this. Was this a professionally drawn up will?
    What makes you think it doesn't do that?


    No reliance should be placed on the above! Absolutely none, do you hear?
  • The normal procedure would be for the will to set up an immediate post death interest trust,  this does not seem to do this. Was this a professionally drawn up will?
    Yes, drawn up by solicitors. I just didn’t share names and signatures at the bottom of the document.
  • poseidon1
    poseidon1 Posts: 1,055 Forumite
    1,000 Posts First Anniversary Name Dropper

    Apologies, I should have included this before. Thank you, any help gratefully received.


    At first I viewed this as a poor effort of a will, which unhelpfully focused purely on the widow's rights of occupation of the original family home or subsequent replacement, but did not cover the contingency of  her going into long term care.

    However, reading between the lines, this is possibly a deliberate omission specifically to avoid the husband's half share in the home being depleted by potential care home fees or having to produce income to contribute thereto.

    As such this is less a life interest trust ( with associated rights for the widow to enjoy trust income in place of property occupation) and more a lifetime  restricted licence to occupy property with conditions related to maintenance and upkeep.

    Therefore  not clear this quite meets the requirement of a trust requiring registration with HMRC, the legal firm who drafted should advise.


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.8K Work, Benefits & Business
  • 619.5K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.