Double Trust Will
Discussion
Hello,
Looking for some advice. My Father sadly passed away last month. My Mother is still alive. I am an executor of his will. It seems that in 2019 they set up a Double Trust Will. They were sold this idea from a friend who had set one up. At the time they were expecting a large inheritance from My Grandmother but she ended up in a care home for four years and died last year aged 101.
My Mother owns a home worth approx £500k, no mortage or debts and ~200k in savings and investments shared between her and my late Father. Her pension income is adequate.
Is it worth keeping this set up given the fairly average financial situation? From the description it says it can be disbanded, not sure if that means it can also not be implemented.
Any pros and cons?
"What happens if the Trustees no longer wish to continue the Trust?
The survivor and the Trustees – or the Trustees after second death – can disband the Trust as they wish. The estate can then be distributed to the beneficiaries according to the Will."
https://willpowergroup.com/double-trust-wills/?cmp...
Looking for some advice. My Father sadly passed away last month. My Mother is still alive. I am an executor of his will. It seems that in 2019 they set up a Double Trust Will. They were sold this idea from a friend who had set one up. At the time they were expecting a large inheritance from My Grandmother but she ended up in a care home for four years and died last year aged 101.
My Mother owns a home worth approx £500k, no mortage or debts and ~200k in savings and investments shared between her and my late Father. Her pension income is adequate.
Is it worth keeping this set up given the fairly average financial situation? From the description it says it can be disbanded, not sure if that means it can also not be implemented.
Any pros and cons?
"What happens if the Trustees no longer wish to continue the Trust?
The survivor and the Trustees – or the Trustees after second death – can disband the Trust as they wish. The estate can then be distributed to the beneficiaries according to the Will."
https://willpowergroup.com/double-trust-wills/?cmp...
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