We are a married couple and made a will 16 years ago. Things have changed and we wish to change the will.

26th Oct 2018

We want the surviving partner to live in our house, which is paid for. We would like the estate split 3 ways but one is a juvenile and we do not want his parents to get near the money. Would we need to set a trust for this?

CATEGORY: Wills, Probate & Trusts

LOCATION: DYFED

2 answers
  • Bridge Law Solicitors Limited

    If a beneficiary is a minor it is usual for your Will to include a clause that holds the money on trust, which takes place usually through the people you have appointed as your executors, who you trust, to hold the money on trust for the child when they reach a certain age, which you can stipulate.  This would mean that the executors would be responsible for holding/investing the money until such time as you would be happy for the child to receive the money to use for their own purposes.  Usually 18, 21 or 25.  The executors (trustees) could possibly advance monies before thta age for important things such as education that would directly benefit the child but that would be in their discretion, the child's parents could not control the money.

     

    Did you find this answer helpful?

    Bridge Law Solicitors Limited

    Did you find this answer helpful?
  • Thomas Simpson Solicitors Ltd

    If you only want the surviving spouse to live in the house, rather than own it outright, then you need a life interest trust.  To do this you need to ensure that the house is legally held in the correct way.

    In relation to the minor trusts I would note that in addition to the answer already given that you should leave a letter to your trustees expressing your wishes about how the trust fund is dealt with.

    You should instruct a local solicitor to prepare your Wills as they may not be entirely straightforward.

    Did you find this answer helpful?

    Thomas Simpson Solicitors Ltd

    Did you find this answer helpful?

Can you help with this question? Provide an answer and receive contribution points to help promote your firm.

CANCEL Please ensure your response adheres to our community guidelines before posting.

HAVE A LEGAL QUESTION?

Posting a question is completely free and we have qualified solicitors ready to help you. To get started simply click the link below.

ASK A QUESTION
Find a solicitor

Find a solicitor

Use our find a solicitor service to find and compare the best Wills, Probate & Trusts solicitors from around the UK. Narrow your search down to a particular town or county to find local solicitors that practice Wills, Probate & Trusts law.

View Solicitors
The ultimate guide to hiring a solicitor

The ultimate guide to hiring a solicitor

Hiring a solicitor for any legal issue can feel quite daunting. It is important that you make a good decision, but you may not know what to look for and how to chose a solicitor that is right for you. To help make the process easier, we have created the ultimate guide to hiring a solicitor. We have highlighted some of the key considerations you should take into account, as well as some handy tips to help make finding and choosing a solicitor both stress and hassle free.

Read More
  • This month
  • All time
  • OTS Solicitors

    OTS Solicitors

    0203 959 9123

    2 Answers

    PROFILE
  • Bridge Law Solicitors Limited

    Bridge Law Solicitors Limited

    0161 427 0084

    2 Answers

    PROFILE
  • Kent Criminal Law

    Kent Criminal Law

    01843 799121

    1 Answer

    PROFILE
Loading...