Estate & Trust Administration

Dox · 7 May 2018 at 11:06PM

Inigo_Montoya wrote: »

so i ask for some book recommendations & all I get is replies about how I need professional help instead

work in the law by any chance ?

Reminds me of Monty Python and taking out your appendix on the Circle Line...!

Tom99 · 8 May 2018 at 3:59AM

Inigo_Montoya wrote: »

so i ask for some book recommendations & all I get is replies about how I need professional help instead

[FONT=Verdana, sans-serif]Absolutely no harm in trying to find out more about this topic, if only to better understand expert advice you may later receive.

[/FONT] [FONT=Verdana, sans-serif]How about 'Estate and Trust Administration for Dummies' as a starter:

[/FONT] [FONT=Verdana, sans-serif]https://www.amazon.co.uk/Estate-Trust-Administration-Dummies-2nd/dp/1118412257[/FONT]

Yorkshireman99 · 8 May 2018 at 6:39AM

Tom99 wrote: »

[FONT=Verdana, sans-serif]Absolutely no harm in trying to find out more about this topic, if only to better understand expert advice you may later receive.

[/FONT] [FONT=Verdana, sans-serif]How about 'Estate and Trust Administration for Dummies' as a starter:

[/FONT] [FONT=Verdana, sans-serif]https://www.amazon.co.uk/Estate-Trust-Administration-Dummies-2nd/dp/1118412257[/FONT]

Pretty useless as it is aimed readers in the USA rather than the U.K. where the law is different.

Dox · 8 May 2018 at 8:40AM

The reality here is that if the usual books/online sources of info don't do the trick (and they won't, given the info provided by OP), there is no other book which will enable a layman to condense 5 years of learning (never mind practical experience) into a matter of months. As OP will discover, the basic books will all conclude the same thing: the estate is too complicated to wind up without advice from someone who knows what they are doing and, crucially, is insured to do it.

Tom99 · 8 May 2018 at 9:53AM

Yorkshireman99 wrote: »

Pretty useless as it is aimed readers in the USA rather than the U.K. where the law is different.

Yes you are right. How about this one:

https://www.amazon.co.uk/Private-Client-Trusts-Planning-Practice/dp/1912363186

Inigo_Montoya · 8 May 2018 at 10:06AM

since no-one is willing or able to give me any recommendations Im probaly going to start with these until i find other/better sources

https://bookshop.lawsociety.org.uk/ecom_lawsoc/public/saleproducts.jsf?catId=WP

I am taking what people are posting here with a huge pince of salt because the rather patronising comments sound like they may be coming from people with potential vested interests

I will find out soon enough myself if what they are claiming is correct

Regarding the comment about studying for 5 years - how much of that was spent on learning about estate & trust administration ? - 5 years covers all aspects of the law i presume

I may try to split the work if it becomes too difficult eg if its possible apply for probate myself which I suspect will not be too difficult then get a solicitors help to sort out the trusts after the grant of probate

I helped my father file his tax return last year & so I have an idea of how complicated his affairs are (IIRC probably around 20 or so different investments & savings accounts along with a couple of pensions) - it would be very easy for even a solicitor or IFA to mess things up since there is no documentation other than his tax return support information that lists everything & even that isnt easy to decipher

I will get professinal help only if absolutely necessary - the solicitor who handled my mothers will 20 years ago (who managed to get himself named as an executor so couldnt be fired) was incompetant & a crook so professional help is a definate last resort & will only be done under my strict supervision

kkgree1 · 8 May 2018 at 10:11AM

My husband's aunt and I have just spent the last 2 years winding up a family trust which was put in place over 50 years ago.

As others have mentioned the wording of the will is essential. We spent 6 months thinking it was a discretionary will trust, when it was in fact a bare trust. This makes a huge difference!

We didn't have legal help but we did spend a lot of time reading up on trusts including HMRC's guidance at https://www.gov.uk/trusts-taxes/where-to-get-help.

Good luck!

chesky · 8 May 2018 at 10:55AM

Potential vested interests? How on earth could anyone responding on this board benefit?

Good luck to your sister and stepmother.

Yorkshireman99 · 8 May 2018 at 11:05AM

Inigo_Montoya wrote: »

since no-one is willing or able to give me any recommendations Im probaly going to start with these until i find other/better sources

https://bookshop.lawsociety.org.uk/ecom_lawsoc/public/saleproducts.jsf?catId=WP

I am taking what people are posting here with a huge pince of salt because the rather patronising comments sound like they may be coming from people with potential vested interests

I will find out soon enough myself if what they are claiming is correct

Regarding the comment about studying for 5 years - how much of that was spent on learning about estate & trust administration ? - 5 years covers all aspects of the law i presume

I may try to split the work if it becomes too difficult eg if its possible apply for probate myself which I suspect will not be too difficult then get a solicitors help to sort out the trusts after the grant of probate

I helped my father file his tax return last year & so I have an idea of how complicated his affairs are (IIRC probably around 20 or so different investments & savings accounts along with a couple of pensions) - it would be very easy for even a solicitor or IFA to mess things up since there is no documentation other than his tax return support information that lists everything & even that isnt easy to decipher

I will get professinal help only if absolutely necessary - the solicitor who handled my mothers will 20 years ago (who managed to get himself named as an executor so couldnt be fired) was incompetant & a crook so professional help is a definate last resort & will only be done under my strict supervision

None of the people on here are unable, nor uwilling, to help you. Neither has anyone been patronising. Despite your aggressive attitude the replies have been polite. The problem is that you started off with a fixed idea and dislike of lawyers. As I said previously trust specialists do extra training, and gain experience above and beyond a basic solicitor.s qualification leading to STEP membership. There are many specialist areas of law just as in medicine. A GP will be able to help with most ailments but you would not expect him to do heart surgery. Similarly with solicitors. Your mother.s executor did NOT appoint himself SHE appointed him I.e it was her choice. In any case a solicitor will usually agree to stand aside in favour of a relative. Indeed their professional body requires them to do so unless there are exceptional circumstances.

Marcon · 8 May 2018 at 2:28PM

Inigo_Montoya wrote: »

Regarding the comment about studying for 5 years - how much of that was spent on learning about estate & trust administration ? - 5 years covers all aspects of the law i presume

I may try to split the work if it becomes too difficult eg if its possible apply for probate myself which I suspect will not be too difficult then get a solicitors help to sort out the trusts after the grant of probate

I helped my father file his tax return last year & so I have an idea of how complicated his affairs are (IIRC probably around 20 or so different investments & savings accounts along with a couple of pensions) - it would be very easy for even a solicitor or IFA to mess things up since there is no documentation other than his tax return support information that lists everything & even that isnt easy to decipher

I will get professinal help only if absolutely necessary - the solicitor who handled my mothers will 20 years ago (who managed to get himself named as an executor so couldnt be fired) was incompetant & a crook so professional help is a definate last resort & will only be done under my strict supervision

Professional advisers aren't your adversaries. They are there to work in partnership with clients to ensure the best and most cost-effective outcome. They work under instruction from their clients and sensible advisers will be only too pleased to listen to useful input (e.g. your help in terms of understanding your father's tax affairs).

As you say, lawyers are trained to cover many aspects of law, not just one - and winding up an estate needs a lot more than a working knowledge of trusts and tax.

Not sure how you think you will be able to get probate without a full understanding of the tax position of this estate - you do need to pay the tax before you can get probate.

If the allegations you make about the lawyer who handled your mother's estate are true, then doubtless you will have reported him to the relevant professional body and they will have disciplined him?

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