The Will is not the Trust: it is a blueprint only.
Executors/Trustees must instruct a professional to draft declarations of trust, and pay for any conveyancing of the land. Trustees cannot be easily made accountable unless they have signed a deed declaring their responsibilities over trust assets.
Further costs on set-up therefore arise: spare cash in the estate is necessary. Even a small insurance policy can help, especially for property-rich, cash-poor estates.
Trustees need CAREFUL SELECTION. If they cannot take care of accounts, financial planning and tax returns - or have the presence of mind to instruct on these points - they are unsuitable. They are personally liable for all negligent loss. They should be present and capable, preferably in the UK, of practically handling beneficiary requirements.
5 January 2016
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