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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My mother in Law left her estate to her children, this is

Customer Question

Hello,
My mother in Law left her estate to her children, this is made up essentially of half of the property she and her husband were living in. She stipulated in her will that this be held in trust and the benefits be paid to her husband for the remainder of his life. The monies should then be distributed to her children.
My/our question is: When the will stipulates 'Held in Trust' does that mean we have to go through the process of creating a trust, or do we just hold the property/funds (if sold) and pay any interest to her husband?
My Father in Law is about to go into a care home so the property will be sold. Is it possible to just hold half of the proceeds of the sale in a high interest bank account by one of more of the children with any interest paid to their father until he passes?
Thanks
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is ***** ***** I shall do my bets to help you.

The Will itself created the Trust - all that needs to be done id for the Executors to set up an account to hold the funds and pay the interest to the husband.

Please ask if you need further details