IHT question

UnsureAboutthis

I heard about "Trusts," but I'm unsure if these are legal even atm.

What are the costs of this if were were to put our main residence into a Trust for the benefit of some of our grandchildren?  

Is it like a Will, ie we could change our mind and free to leave to another or sell up etc, please?

Who would be the best person to speak to?

A ballpark figure foe setting up a Trust on part of an estate ie main property value over 400k and below 500k

Edit. I just want to add, if a Trust is a legal entity, will the benefcarie/s have to pay tax if/when they sell the property

UnsureAboutthis

I've just found our regarding "Surplus income" and IHT. From what I read, its a simple letter from a solicitor and then set up a DD and  ensure our quality of life is not  reduced and we are not dipping into our savings to mange the daily life.

LHW99

UnsureAboutthis said:

I've just found our regarding "Surplus income" and IHT. From what I read, its a simple letter from a solicitor and then set up a DD and  ensure our quality of life is not  reduced and we are not dipping into our savings to mange the daily life.

Not sure a solicitor's letter comes in to it.

AFAIK it's ensuring your executors have enough paperwork (letters from you / bank etc statements) to evidence that is what you are doing.