Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • tuppenceabag
    • By tuppenceabag 26th May 19, 1:57 AM
    • 6Posts
    • 6Thanks
    tuppenceabag
    Retire as Trustee and new Trustee appointed - should beneficiaries be mentioned on form TR1?
    • #1
    • 26th May 19, 1:57 AM
    Retire as Trustee and new Trustee appointed - should beneficiaries be mentioned on form TR1? 26th May 19 at 1:57 AM
    My parents changed from being Joint Tenants of their property to Tenants in Common and made mirror Wills. My father died several years ago and my mother and I were made Executors and Trustees of my father's Will and Trust.. My brother and I are the two named beneficiaries of the Will, with my mother having the right to stay living in the property undisturbed.



    I recently decided I do not want to be Trustee of my father's Will and Trust as I have read of the difficulties that can potentially arise, and have now signed a document which retires me from being Trustee, and appoints my mum's solicitor as my replacement Trustee.



    The solicitor has now sent my mum a TR1 form to transfer the property from mum's own name to both her (the solicitor) own name and my mum's name together. (I was never registered on the property at the Land Registry - I didnt even realise I had been made an Executor and Trustee rather than just an Executor until I came across a copy of my dad's will last year. Whether I should have had my name added to mum's on the Land Registry after my dad died, I don't know).



    I was assured by the solicitor that it was ok for her to just give her own first name and surname as my replacement Trustee, with no mention of her being a solicitor or her firm. The addresses section hasnt been filled in on the TR1 so there are no details of the solicitors address (or mum's) on there. I read a bit about Trust Corporations being safer than using a solitary solicitor as a trustee in case anything happens to them, but was told by the solicitor that her firm dont offer a Trust Corporation. (Mum likes to stick with the same, familiar solicitor even though the original solicitor she used to see is no longer at the firm.)


    In section 10 of the TR1 the solicitor has put a cross in the middle box and I am confused as to why the cross hasnt been put in the bottom box. The half share of the property to which the Trust relates is not being held for the Trustees themselves, it is being held for myself and my brother as the beneficiaries. Can anyone explain why the middle box would have the cross in please?



    There is no mention made anywhere on the form of myself and brother being the beneficiaries. From articles I have read, my understanding is that we should be mentioned somewhere. Have I misunderstood? Is it up to me (and my brother) to register ourselves at the Land Registry as beneficiaries of my deceased father's Will? I'd be so grateful for any advice on all this, thank you.
Page 1
    • getmore4less
    • By getmore4less 26th May 19, 4:47 AM
    • 36,249 Posts
    • 22,321 Thanks
    getmore4less
    • #2
    • 26th May 19, 4:47 AM
    • #2
    • 26th May 19, 4:47 AM
    If the only thing in the trust is the house and it is a life interest.

    Then as trustee there is little to go wrong or cause problems.

    The land registry hold the details of the legal owners not the beneficial owners.

    The current beneficial owner is your mum

    Your beneficial ownership won't happen till the life interest is terminated
    • Keep pedalling
    • By Keep pedalling 26th May 19, 7:51 AM
    • 6,529 Posts
    • 7,597 Thanks
    Keep pedalling
    • #3
    • 26th May 19, 7:51 AM
    • #3
    • 26th May 19, 7:51 AM
    The big question is why are you doing this? What difficulties have you read about that make you think this is a good idea? I hope you are not handing over your executor powers to a paid professional as well.
    • tuppenceabag
    • By tuppenceabag 27th May 19, 12:02 AM
    • 6 Posts
    • 6 Thanks
    tuppenceabag
    • #4
    • 27th May 19, 12:02 AM
    • #4
    • 27th May 19, 12:02 AM
    Thank you for your replies. Keep Pedalling, I have been told about and also then read about the responsibilities of Trustees and how they can be held personally responsible if something goes wrong. I have a lot of other things to cope with and really didnt want this worry hanging over me. I was only ever asked by my parents if I would be an Executor and there was no mention of being a Trustee too. I know that an Executor is able to refuse the role when the time comes but was told that it's not such a simple matter for a Trustee. I have signed a Deed of Retirement and Appointment but it only refers to the Trusteeship not my role as an Executor. Out of interest, may I please ask why it would be such a bad idea to hand over Executor powers to a paid professional too?
    • Brynsam
    • By Brynsam 27th May 19, 12:43 AM
    • 2,015 Posts
    • 1,460 Thanks
    Brynsam
    • #5
    • 27th May 19, 12:43 AM
    • #5
    • 27th May 19, 12:43 AM
    Out of interest, may I please ask why it would be such a bad idea to hand over Executor powers to a paid professional too?
    Originally posted by tuppenceabag
    It can often (not aways) create delays in getting things and greatly increase costs.
    • getmore4less
    • By getmore4less 27th May 19, 3:03 AM
    • 36,249 Posts
    • 22,321 Thanks
    getmore4less
    • #6
    • 27th May 19, 3:03 AM
    • #6
    • 27th May 19, 3:03 AM
    The thing is as the final beneficiary you would be liable to yourself and your brother in the mean time your mother but they are also a trustee so for them the liability is to themselves and ultimately you and your sibling but if you inherit from her as well then the liability is neutral.


    As i said if the only asset is the house then there is little or nothing to go do and go wrong.

    While alive your mother can deal with the most complicated bit which would be moving house.


    Are there other assets in the trust?
    • getmore4less
    • By getmore4less 27th May 19, 10:46 AM
    • 36,249 Posts
    • 22,321 Thanks
    getmore4less
    • #7
    • 27th May 19, 10:46 AM
    • #7
    • 27th May 19, 10:46 AM
    Should have added,

    while you are trustee you can chose to use a solicitor for the hard bits should they ever happen.

    By appointing a solicitor they get to charge for the easy bits as well.
    • AnotherJoe
    • By AnotherJoe 27th May 19, 11:24 AM
    • 14,655 Posts
    • 17,504 Thanks
    AnotherJoe
    • #8
    • 27th May 19, 11:24 AM
    • #8
    • 27th May 19, 11:24 AM
    Thank you for your replies. Keep Pedalling, I have been told about and also then read about the responsibilities of Trustees and how they can be held personally responsible if something goes wrong. I have a lot of other things to cope with and really didnt want this worry hanging over me. I was only ever asked by my parents if I would be an Executor and there was no mention of being a Trustee too. I know that an Executor is able to refuse the role when the time comes but was told that it's not such a simple matter for a Trustee. I have signed a Deed of Retirement and Appointment but it only refers to the Trusteeship not my role as an Executor. Out of interest, may I please ask why it would be such a bad idea to hand over Executor powers to a paid professional too?
    Originally posted by tuppenceabag

    Because it will cost thousands of pounds (your pounds, ultimately), because it will only slightly minimise the work you'll have to do (since the solicitor will ask you lots of questions and you'll have to be signing documents off and probably chasing them) and because if it all seems to much after a few days or weeks you can hand it over anyway.


    However, if peace of mind is worth a few thousand pounds and six months of delays and you wont be fretting over that instead, maybe its a good trade off.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • tuppenceabag
    • By tuppenceabag 27th May 19, 10:23 PM
    • 6 Posts
    • 6 Thanks
    tuppenceabag
    • #9
    • 27th May 19, 10:23 PM
    • #9
    • 27th May 19, 10:23 PM
    Thanks very much for your advice everyone. One thing I forgot to mention is that the solicitor has put the wrong date on the Will, which my mother has signed... It is dated the year previous to when it was actually signed. Because of this I am obviously concerned that the solicitor could also have made an error in ticking the middle box of section 10 of TR1 (ie that the property is being held "for themselves", - ie my mum and the solicitor as Trustees) rather than the third box (being held for a Trust), and not making any mention of the two beneficiaries being myself and my brother anywhere on the form or on a JO form which I have read about is the alternative place to give such information. Does this sound correct? Isnt there a risk that the proceeds of sale could end up going to the solicitor rather than the intended beneficiaries (myself and brother)? Am I worrying unnecessarily?
    • tuppenceabag
    • By tuppenceabag 28th May 19, 8:28 PM
    • 6 Posts
    • 6 Thanks
    tuppenceabag
    No, there are no other assets in the Trust.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,463Posts Today

6,880Users online

Martin's Twitter