Custody of will/Trust

bouicca21

Several years ago I made my will. The solicitors gave me a copy and retained the original. If I, or my heirs in the case of my death, ask for the original are they likely to charge for looking after it? I realise they will probably try to persuade my heirs to use them for probate but that’s a different issue.

The will itself does not just leave my assets to my heirs in a straightforward fashion but leaves everything in a trust. Is this more complicated than necessary, does it create any potential problems? My heirs are my children who share equally. My assets consist of my main residence and some bank accounts; almost certainly under the IHT level.

Keep_pedalling

If your solicitor is not charging you storage fees then they should not be any when recovering the will either.

What sort of trust are we talking about? Leaving your estate in trust rather than leaving it to your adult children is rarely a good idea for most people unless it it to provide security for a surviving spouse, so what are you trying to achieve by it?

Flugelhorn

Is it just that it says "executor shall hold on trust"? because I think that is just the way the exec holds money until they distribute it to the beneficiaries

(but then it might be something else)

bouicca21

Thank you. Yes it refers to the executors (who are also the heirs) as trustees, so I suppose it is about holding on trust and I am simply overthinking it.

poseidon1

If your will directs your executors to " …… hold the residue of my estate on trust for my children in equal shares absolutely " there is no trust.

Any wording more complex than that could denote a trust settlement, which would be of questionable utility value for your children.

Unless one or other of them suffers a disability preventing them from managing their own financial affairs, or you have concerns about their marital partners and a future divorce might see some of your bequeathed wealth disappear out of the family, a formal trust for your children would likely be more of an expensive hindrance rather than helpful.

Might be wise to make sure a formal trust was not established in your will and if it has, what was the reasoning behind doing so.