Thanks answer Clare. What do my sons (Executors) have to do to transfer my share of the house into their names, sorry to be so ignorant?
Is it right that inland revenue need to be told about the trust? If so who has to be contacted, and how?
Both of our wills are dated 22 march 2013.
We are not in the Inheritance Tax bracket, but wanted to ensure that at least half the value of our assets was secure boys, if one of us died, and the one left had to go into care at some point.. I am 88 and my wife is 84.
After funeral expenses My executors shall hold the remainder ('my Residuary Estate') on trust Spouse absolutely but if my Spouse fails to survive me by thirty days my executors shall hold my Residuary Estate and the income thereof UPON TRUST to divide the same into eight equal parts paying and applying - - - - - - -
the next covers the way things are to go if say one of our boys dies Everything remains in the family, the part of the estate in trust will be divided as the will states.
Hope this is what you want Thanks *****
The house is not mentioned specifically but as - - - -
Personal Chattels .
I give my personal chattels (as defined in section55 of the Administration of Estates Act 1925) to my Spouse absolutely.
Apart fromseveral 'difinitions, the next reads
'I give the Nil Rate Sum to the trustees. Subject to the Overriding powers below - - then a list of overriding Powers - - -one of which says
The Trustees may appoint that they shall hold any Trust Property benefit of any Beneficiaries, on such terms as THE Trustees think fit.
Does this help? Peter H.
Thanks help. My wife and I are committed Christians, how about you? God loves you and His son Jesus died - took your place, exchanged your sin righteousness, its all very 'legal'. Read John 3 v16 and put your own name there.
Thanks again help
I've contacted a local solicitor who agrees with you completely so I'm getting a new will from him and writing to the previous firm to complain. God bless you, keep trusting, Jesus is coming soon.
Yours Peter Houyse.