Will-based Trusts

Main considerations:

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

The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.

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