Will trust

V2001

In parents will it says about distribution of the residue:  to be held upon trust absolutely for my son xxxx

Has the will created a discretionary trust or a bare trust in anyway. We want to avoid creating any complex trusts after death. Or maybe I'm confused..

Keep_pedalling

If the son is a minor it will need to be healed in a bare trust until their are18 (16 in Scotland)  if they are an adult then they will be entitled to their inheritance immediately. 

What does the will say about the rest of the estate? 

V2001

The residue It's for a adult which is myself so it will be left to me. The property will be left to my brother.

Gift of property:
It says as well that " i give free of inheritance tax all my share and interest not previously disposed of by this will in xx xxx the property or any such property i may own as my principle residence at the time of death to my son xxx"

Distribution of the residue:
Subject to the trusts declared above my executors shall hold my estate as follows: Upon trust absolutely for my son xxx


We are all over 18, so has the will created any funny bare trust or discretionary trusts which is what we don't want?

Just want my brother to get house, and I get the left over cash in bank accounts.

Thanks

Keep_pedalling

You have been left a share absolutly so no trust of any kind required. I suspect this is quite an old will made before you were adults.

Your parents  should look at reviewing this will. As it stands there is a risk that one of you could end up with nothing and leaving a specific property is a bad idea.

All of the cash may end up getting spent on care costs which would mean you get nothing, alternatively the house may need to be sold to finance care costs and your brother would get nothing. 

V2001

My other brother lived at home with parents, so we wanted him to have the house.
If the parent had issues with care costs what can be done so the brother living at home doesn't end up on the streets with his kids. He's not in a good financial position after coming out of a divorce. Can a will be written to mitigate this?

Keep_pedalling

How old are your parents and brother?

V2001

Surviving parent is 69 and brother is 43
I'm not worried about inheriting nothing as I live in my own place and have no kids 

Keep_pedalling

V2001 said:

Surviving parent is 69 and brother is 43
I'm not worried about inheriting nothing as I live in my own place and have no kids 

Hopefully your parent will not need residential care, must people don’t, and with you brother living with him the risk off needing it reduces. Once your brother reaches 60 the house would be disregarded. 

If you are not worried about inheriting you can always do a deed of variation to give your brother a greater share of the estate.

Linton

V2001 said:

Surviving parent is 69 and brother is 43
I'm not worried about inheriting nothing as I live in my own place and have no kids 

If the surviving parent does not need to call upon help with care funding within the next 17 years there will be no issue.  A person's home is disregarded for assessment of care costs if there is a relative over 60 living in the house.

V2001

Thank u guys for the help

msb1234

Linton said:

V2001 said:

Surviving parent is 69 and brother is 43
I'm not worried about inheriting nothing as I live in my own place and have no kids 

If the surviving parent does not need to call upon help with care funding within the next 17 years there will be no issue.  A person's home is disregarded for assessment of care costs if there is a relative over 60 living in the house.

This could mean that your brother may end up with your parent’s house whilst you end up with nothing because all their cash has gone in care home fees. At his age, he may well remarry, at which point the house becomes half his wife’s. Are you ok with that? Your parents could word their will so that they leave 50% each of the house to both of you and your brother could stay there until such point as he is in a new relationship.