Ask a Law Question, Get an Answer ASAP!
Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
May I kindly clarify with you that you both presently live in England and own the property you refer to in England please?
Are you establishing a life interest trust in your wills or some other form of trust - e.g. discretionary or bare trusts?
Thanks. There a many forms of will trust however the above are the most common. Is the trust to leave a right for the survivor to live in the property for life and then for it to pass to another or is the intention something else?
Thanks. Finally may I ask who your trustees are - presumably they will be each other and then a third party, perhaps a child or professional for example?
Yes in deed. Normally your trustees will be the same as your executors.
Are your executors for example children or a professional as well as each other?
Thanks. On the basis that you still live in England when the first of you passes away and own property here then the will trust will take effect as intended by your will...
If she wishes to move to Scotland the providing there are necessary provisions that allow this in the will trust the trustees can decide to buy property in Scotland with the trusts share of existing property.
If she were to move to Scotland and acquires property there she may wish to consider making a new will to deal with her own assets on her death however though the trust established in your will would still take effect and have effect in Scotland or England alike.
In terms of a future house move it is perfectly possible to include the additional words after your address in the will trust "or such other residence as should be my primary residence at the time of my death". Such words allows you to move house without the need to change your will again.
If one of you passes away then the will trust will take effect be it in Scotland or England and Wales however if your wife were to move to Scotland and buy a house there it may be sensible for her to make a new will to leave her assets to ensure that it is complaint with Scottish law. Her will would not effect the assets in the will trust in your will but it would deal with any other assets she owns.
Is there anything above I can clarify for you?
A pleasure. If I can assist any further as matters progressed please do not hesitate to revert to me.
If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with though please reply back to me though.
Many thanks indeed.