Free Wills Month (Life Interest Trust)

J2S

So Martin, we have great offers for standard wills but as society has evolved over recent years and the emegence of blended families, is there the appetite to do something specific for a life interest trust?

My siuation is as follows and it's a little complicated:

3rd marriage - no clean break order from 2nd as she refused to sign after the divorce went through. This was about 13 years ago. I still have the agreed settlement paperwork somewhere. I did have a will excluding her from getting anything.

3rd marriage - my wife pays very little and only put 12.5% into the cost of buying the house. I pay for all bills and mortgage.

I want to make sure that should I die first, my wife can stay in the house, but the equity gets split say 80-20% in favour of my daughter.

Also, what happens if we sell the marital home, does the living trust transfer to a new property or would I have to do it again?

Any support would be greatly appreciated as a quick google search shows setting up could be £1,500-£4,000!!

elsien

The free will offers are aimed at people who just need something simple.
If you’re looking at trusts, you need to find a STEP solicitor and probably end up paying more for their expertise. Which is worth it to avoid leaving behind some of the messes that crop up on here sometimes.

poseidon1

OP you have ( self generated) complex circumstances.

Trusts in the UK are and always have been complex entities requiring bespoke solutions for each individual circumstance.

Competent advice and services in this area is not cheap, so zero scope for this ever to be part of a 'cheap wills' campaign and neither should it be.

The Society of Trust and Estate Practitioners is your first port of call to locate a suitable solicitor to address your issues.

Keep_pedalling

Agree with all the above, but can I ask if you have a deed of trust in place documenting the division in equity in your home? Without it if you are tenants in common the split will be deemed as 50/50.