Family asset protection trust

Dandylion

Yes they do have the original wills and the trust paperwork. 

They are going to get new wills written!

If in the meantime one of them got knocked down by a bus, being intestate wouldn’t be an issue so I wonder if shredding the lot (trust,wills and all) might be a plan. Any thoughts?

Keep_pedalling

Dandylion said:

Yes they do have the original wills and the trust paperwork. 

They are going to get new wills written!

If in the meantime one of them got knocked down by a bus, being intestate wouldn’t be an issue so I wonder if shredding the lot (trust,wills and all) might be a plan. Any thoughts?

That is exactly what I would do,

Sea_Shell

Keep_pedalling said:

Dandylion said:

Yes they do have the original wills and the trust paperwork. 

They are going to get new wills written!

If in the meantime one of them got knocked down by a bus, being intestate wouldn’t be an issue so I wonder if shredding the lot (trust,wills and all) might be a plan. Any thoughts?

That is exactly what I would do,

Along with a signed note that this is what you've done?, so no one is hunting for a will that doesn't exist.

Dandylion

Thanks again for the comments.

i am still somewhat puzzled by the fact that this trust exists if one of them dies (and the will comes into play) but doesn’t if they’re both alive and they shred all the paperwork, wills and all. 

If it doesn’t get mentioned on the land registry then is it just the will that makes it exist if one of them dies? Do these will writing companies that sell the trusts not have a record of the trust they’ve sold? 

Keep_pedalling

Dandylion said:

Thanks again for the comments.

i am still somewhat puzzled by the fact that this trust exists if one of them dies (and the will comes into play) but doesn’t if they’re both alive and they shred all the paperwork, wills and all. 

If it doesn’t get mentioned on the land registry then is it just the will that makes it exist if one of them dies? Do these will writing companies that sell the trusts not have a record of the trust they’ve sold? 

Although the trust does not currently exist it is possible that on death the will would create one. I don’t know that for certain either way but I would not take the risk. 

Unless the will writing company were made trustees I doubt if they still had records after all this time.

madbadrob

Shredding the wills now is a good idea however have these been lodged anywhere?  If it is lodged with the will service (sory cant remember its name) they would need to have it removed from there as well but if not then shredding the will would automatically revoke the will and its intentions.  As you are aware that of course would leave them intestate until new wills were drafted.

Rob

boingy

Check that they don't have any earlier wills otherwise they might be jumping from one "bad will" to another. Best to just press on and make new ones ASAP.

Yorkie1

Are you sure there are no other assets in the trust? Savings accounts or investments?

Are you sure the trust wasn't registered with HMRC?

I am just a little nervous about shredding documents without the advice of someone legal who has seen them, just in case something unforeseen comes out of the woodwork at a later date ... 

Dandylion

As far as they’re aware, the will wasn’t lodged anywhere, or the trust registered with HMRC – no paperwork relating to that anyway.

I had a proper look at the trust document to see what was put into it to answer Yorkie1’s question - and realised it doesn’t mention the property at all, just £10! (Hence nothing on land registry title).

So as someone said earlier, it’s the will that brings the house into the trust - which I quoted a bit of before but for ease it says: Absolute Residuary Gift SUBJECT to the trusts DECLARED above my Executors SHALL HOLD my estate for the trustees of THE XXXX FAMILY TRUST absolutely.

So new wills ASAP, and in the meantime shred the lot. I say ASAP but knowing them it’ll take a while, so intestacy would be the better alternative till they get them sorted. 

Dandylion

About that wording in the will, I’m really not clear how that would that work if one died and they did need probate? Would the trustees get informed, new trust paperwork required? Is that why these trusts gave the bad reputation because they add complications?