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Discretionary Trusts.

(4 Posts)
HUNTERF Thu 07-Mar-13 17:36:58

When my parents made out their wills the house was split in to Tenants in Common ownership and my mother owned one half and my father owned the other.
Sadly my wife and mother passed away within months of each other, my name went on the land certificate and I went to live with my father as a half owner occupier after selling my house.
No trust was ever set up.
I could see the need for a discretionary trust in some circumstances for example the children may be under 18 and not able to own a property in their own rights.
Another situation I heard of was half of a house was left to the children by the wife who passed away and the father had to later move to another part of the country or face redundancy. The house was sold and another purchased so I think there must have been some sort of trust there to allow for it.
I know it is too late now as both my parents have passed away and the will was made out after my parents retirement when they were unlikely to move.
Would there had been any advantage in my parents putting their house in to trust rather than willing their halves straight to me or would it have been just extra expense?.

Frank

Ana Thu 07-Mar-13 17:46:17

ZZzzzzzzzz....

soop Thu 07-Mar-13 18:11:46

Night night, Ana moon

absent Thu 07-Mar-13 18:12:11

They are dead – does it matter?