What Is A Trust In A Will ?

[pattricia 575]

My neighbour says that he’s not made an ordinary will but has made it a trust will. He says this way after he’s died his will does not have to go to probate. Is this true ? Sounds like a good idea. 

[pattricia 575]

2 hours ago, West 77 said:

it's only a good idea if your neighbour hasn't any worthwhile assets. 

Could you explain further ?

[HeHasRisen 3,399]

Probably just easier if you read this - was the first result on Google

 

https://www.co-oplegalservices.co.uk/making-a-will/trust-wills/

[pattricia 575]

33 minutes ago, HeHasRisen said:

Probably just easier if you read this - was the first result on Google

 

https://www.co-oplegalservices.co.uk/making-a-will/trust-wills/

Thank you ! That is so kind of you to put this link on.! 

[Jeffrey Shaw 90]

22 hours ago, pattricia said:

My neighbour says that he’s not made an ordinary will but has made it a trust will. He says this way after he’s died his will does not have to go to probate. Is this true ? Sounds like a good idea. 

No, it's not, at least re need for Probate. Ownership of a deceased owner passes to the executors.

The trust arrangements will be unaffected, in most cases, however.

Best advice: don't rely on online advice at all. See a solicitor. [No, not me- I don't handle Wills/Probate work].

Edited August 2, 2022 by Jeffrey Shaw

[pattricia 575]

22 minutes ago, Jeffrey Shaw said:

No, it's not, at least re need for Probate. Ownership of a deceased owner passes to the executors.

The trust arrangements will be unaffected, in most cases, however.

Best advice: don't rely on online advice at all. See a solicitor. [No, not me- I don't handle Wills/Probate work].

Thank you Jeffrey. I was hoping you would reply ! 

[Jeffrey Shaw 90]

Plus:

1. Any joint ownership of land brings an automatic implied trust , whether you like it or not.

2. One can sever a beneficial joint tenancy (creating clear trust arrangements) without making any Will.

3. Try not to use Banks' Trustee/Will services if one can avoid them- they can be extremely expensive.

Edited August 3, 2022 by Jeffrey Shaw

[lobster 54]

I can echo Jeffrey's sentiment regarding Bank's Trustee/ Will Services . Some years back due to certain circumstances RBS insisted I got a Will and offered their Will Services . Not only were their charges more than anyone else they also wanted to become executors with a charge of 5% of my total assets . Needless to say I did not bother with them