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Ending trust for alternative legal structure options
My brother and I looking for advice following the death of our dad 16.9.26 - he left his property in UK to me and my brother in a trust.
My brother lives in the property and will continue to do so. I live in France.
Given the complexity of the trust, my brother and I are in agreement that we would both much prefer to avoid having the trust and replace it with a simpler structure , that has the same practical effect as the will trust.
These are our questions -
What are our options to ending the trust - me conveying the house to my brother as sole legal owner subject to a charge in my favour - via a variation to the will or appointment out of the trust?
How could we organise such a change? Would you be able to provide clarity of the tax consequences of alternative arrangements.- such as IHT, CGT, stamp duty.
Are any other ways to terminate the trust but maintain my brother's right to redside, and my financial interest in the property in a cost effective way?
The point we are at is - probate has been granted, the trust has not yet been registered, and we have not done conveyancing
I'd be really interested your advice.
I've uploaded a copy of dad's will.
Thanks so much in advance!!
Comments
-
Sorry but your Dad died in 6 months time ? 16.9.26
If I was half as smart as I think I am - I'd be twice as smart as I REALLY am.2 -
my bad. he died 16.9.25
0 -
Your best bet would be to consult a solicitor who is a member of STEP (Society of Trust and Estate Practitioners).
1
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