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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 30929
Experience:  Over 5 years in practice
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I have been appointed the executor and trustee of what i

Customer Question

I have been appointed the executor and trustee of what i believe is called a will trust.
I have been advised that the will it self has created the trust and that all I need to do (after i have been granted probate) is transfer the assets ( property shares and cash) into the name of the trust and then administer them on behalf of the beneficiaries. Is it really as 'simple' as that or do i need to make more formal legal arrangements. Please advise Thanks.
Submitted: 5 months ago.
Category: Law
Expert:  Clare replied 5 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first.

What are the terms of the trust - what are you meant to use the money for?

Customer: replied 5 months ago.
The beneficiaries of the trust are the deceased granddaughters who are both currently under 18.
The terms are that once they are 18 they can request funds from the trust, although i have been advised ( by a financial trust fund manager) that it is a discretionary trust so this is entirely subject to the trustees approval and the trust itself can last for 125 years so should be kept open for life (so this is looking like its a long term thing for me). There is a property involved which the trust states can either be rented to provide a continuos income into the trust or can be sold and the proceeds invested into the trust.
I am currently the only appointed trustee, the deceased's daughter (and beneficiaries mother) was also named in the will as trustee but has also passed away. The beneficiaries live with their father. My relationship with the family is that of a long term friend.
Expert:  Clare replied 5 months ago.

May I ask what the exact wording is?

Customer: replied 5 months ago.
Please find attached a copy of the will.
Expert:  Clare replied 5 months ago.

Is Susan still alive?

Customer: replied 5 months ago.
No she passed away 2 weeks after her dad
Expert:  Clare replied 5 months ago.

How old are the girls?

Customer: replied 5 months ago.
17 & 12 , oldest will be 18 in December
Expert:  Clare replied 5 months ago.

Are they living in the property?

Customer: replied 5 months ago.
No, property is currently empty.
Customer: replied 5 months ago.
They currently have no intention of living in it and the plan is to eventually rent it out.
Expert:  Clare replied 5 months ago.

May I ask why it is not being sold?

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