Will trust comprising cash only
Posted: November 25th, 2023, 4:33 pm
My parents are both in long term care. Their former home has been sold, and their estates comprise simply cash, held in separate individual bank accounts.
Their wills were written a few years ago when they still owned their home. Each will leaves, after personal effects etc., the residue of the estate "in liferent for my [spouse] provided that he/she survives me". Then on second death it passes to my siblings and me.
Given that we are only talking about cash in the bank here, what's going to be involved in setting up this trust on the first death? It should just be a case of putting the money in an appropriate bank account, making sure the survivor gets paid any interest arising, and making sure appropriate tax is paid.
Is this something I'm likely to need to involve a solicitor in setting up?
This is in Scotland, if it matters.
(Changing the wills isn't an option, given their mental capacity now.)
Scott.
Their wills were written a few years ago when they still owned their home. Each will leaves, after personal effects etc., the residue of the estate "in liferent for my [spouse] provided that he/she survives me". Then on second death it passes to my siblings and me.
Given that we are only talking about cash in the bank here, what's going to be involved in setting up this trust on the first death? It should just be a case of putting the money in an appropriate bank account, making sure the survivor gets paid any interest arising, and making sure appropriate tax is paid.
Is this something I'm likely to need to involve a solicitor in setting up?
This is in Scotland, if it matters.
(Changing the wills isn't an option, given their mental capacity now.)
Scott.