Life interest trust

blakeyboy76

Hi, 

I’m asking for some advice, we recently lost our dad and my mum and dad set up a life interest trust will about 3 years ago for me and my sister. 
We had a letter from the solicitors saying we need to pay’s costs of around 3,000 which includes fees, grant of probates, land registry etc. But we don’t have the money for this.

Do we need to pay this? 

Me and my sister just want peace of mind that we don’t need to do anything more.

Hopefully someone can help

blakeyboy76

Hi,

I’m asking for some advice, we recently lost our dad and my mum and dad set up a life interest trust will about 3 years ago for me and my sister.
We had a letter from the solicitors saying we need to pay’s costs of around 3,000 which includes fees, grant of probates, land registry etc. But we don’t have the money for this.

Do we need to pay this?

Me and my sister just want peace of mind that we don’t need to do anything more.

Hopefully someone can help

chocoholic123

Sorry - you posted this in the wrong section, this board is for competitions. You need to post it in Deaths, funerals and probate section: https://forums.moneysavingexpert.com/categories/deaths-funerals-probate hope you get an answer.

Emmia

I've reported it to request the move.

QrizB

This looks to be the same question as in your previous thread:

https://forums.moneysavingexpert.com/discussion/6658153/grant-of-probate

I suspect you are going to have to pay something to the solicitors, even if it's not the full £3k.

Keep_pedalling

If you really want to simplify things you and you sibling could complete a deed of variation to do away with the trust and leave your mother as the sole owner of the property.

There are very good reasons for making theses trusts the main two are for protecting children in blended families and for younger couples protecting inheritances in the event the surviving spouse remarrying. If the sole reason for doing it was to protect 50% of the home from care costs, then it is not worth the hassle for a £500k house where the risk of using up more than 50% on care is very low.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81930491#Comment_81930491

Agree, since they do not want the trust ( at all), a deed of variation is the way to go.

However, reading between the lines none of them have the skills or competency to do it themselves and apparently have zero money to pay for any legal services.

How they progress from here without paying for expert assistance I have no idea.

No one here can provide them with a DIY template for a DOV to get rid of an IPDI trust, and given the lack of liquid capital one wonders why the law firm lumbered the family with the trust in the first place.