Tenants in common and trust fund clause in will

baz8755

England UK

Many years ago my wife and I spoke to a solicitor to get some wills drawn up.

As part of the discussion we decided upon his advice to change our ownership to tenants in common and for a trust fund to be set up upon first death with the solicitor being the trustee.

We did this due to concerns over care funding if one of us was placed in care and the other still living at home. Obviously if only one of us is surviving and is in care we don't mind as we would have no use for the property anyway.

At the time I was a little uneasy about having the solicitor mentioned on our land registry entry and also having them administer the fund.

I have also read some articles stating the councils will still use the property even if a trust is set up.

I am due a will review and am wandering whether to remove the placing in trust upon first death part.

As I say I am happy to sell the house for care of last remaining member but not happy about putting one of us in difficulty if both still alive at time of one needing care.  

poppystar

I would have thought that what  you really need is an Immediate Post Death Interest trust in the Will so that the remaining spouse has the right to live in the house while that half of the house is left to whoever you want to eventually inherit it. 

What sort of trust has been set up? Why is the solicitor mentioned on the Land Registry document? Is the trust already in existence, as this would suggest ? 

Talk to a different solicitor when you come to review the Will. 

poseidon1

If you don't feel a need for a trust in your will in  the circumstances you mention then get rid of it.

Even if you do feel the need for an IPDI trust ( Google the term), get rid of the solicitor trustee ( they are far more trouble and expense than they are worth in your circumstances).

If you have children then perhaps they can be inserted as trustees in the new will. If no kids, difficult to justify any form of trust being established on 1st death.

Whilst revising the will, may make sense to consider lasting powers of attorney and who amongst your family would make sense to act as attorneys on your behalf, if the need ever arose.

Finally as indicated by poppystar and assuming we have not misunderstood, why is the solicitor mentioned on title at the Land registry?

Keep_pedalling

If you are happy that the serving spouse can use the entire estate to fund care costs the get rid of the trust. An immediate post death interest trust may be useful if you have children and the surviving spouse’ remarries without making a new will. 

We have not bothered with an IPDI trust in either of our wills.