Property into trust fund instead of paying probate

Kerri7767
Kerri7767 Posts: 43 Forumite
in Deaths, funerals & probate
Hi I'm posting on behalf of my dad , he's been to sort out his will.

Dad mortgage is paid off he lives alone no wife . He has 2 daughters . He had been advised that when he does probate will happen . But then also mentioned putting his house into a trust friend to escape probate but it will cost 3 grand .

Cabt he just it house into our names instead of trust fund.

What are the cons to trust fund , it doesn't sound straight forward to me . Thanks !
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Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,614 Forumite
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    Under no circumstances should he do this, it will not avoid probate. The only reason this is suggested by the type of scummy salesmen your dad seams to be talking to, is to avoid the possibility of care fees. This is unlikely to work as it is likely to be regarded as deprivation of assets, and could lumber him with a serious problem should he ever want to downsize.

    Anyway even if it did work who wants to end up care with zero choice in where you go?
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    Thank you , dad seems quite keen , but I need to really seek advice on this , it was his solicitor advising the move !
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    edited 12 June 2017 at 8:51PM
    Kerri7767 wrote: »
    Hi I'm posting on behalf of my dad , he's been to sort out his will.

    Dad mortgage is paid off he lives alone no wife . He has 2 daughters . He had been advised that when he does probate will happen . But then also mentioned putting his house into a trust friend to escape probate but it will cost 3 grand .

    Cabt he just it house into our names instead of trust fund.

    What are the cons to trust fund , it doesn't sound straight forward to me . Thanks !
    Pure undiluted BS from the solicitor. Your dad should not waste his money. He should go elsewhere for a will but only a solicitor not a will writer.
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    I think dad was trying to get out of probate , that was his main worry x
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Kerri7767 wrote: »
    I think dad was trying to get out of probate , that was his main worry x
    I don't think he understands what probate means. The problem is that what the solicitor was propsing would not avoid probate anyway. It would be a complete waste of money.
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Kerri7767 wrote: »
    Yorkshire man do you know roughly what the full probate costs are ? Dad house roughly 100k no savings or pension etc
    The fee is a few hundred. You should be able to DIY it. A solicitor is likely to charge upwards of £1,500.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    Kerri7767 wrote: »
    I think dad was trying to get out of probate , that was his main worry x

    Why is he worried about his estate going through probate?

    All it means is that his executors are given the authority to deal with what he leaves according to his will.
  • Kerri7767
    Kerri7767 Posts: 43 Forumite
    I'll be very honest , his main worry is this .

    Both daughters live 100 miles plus away .. he was worried that when he dies , squatters would invade the house , then we would struggle getting them out !
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    He can appoint a local solicitor who can deal with everything but it will cost. Read the stickies on this forum for more information.
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