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Understanding a will - advice please

4 replies

MermaidCafe · 06/09/2015 21:16

I have been shown a copy of an elderly relative's will and would really appreciate someone with more experience than me to decipher it.

There are two trustees appointed. One is Anna and the other is Jane. They are executors and trustees.

There are 3 'pecuniary legacies' - £1000 to Jack, £1000 to John and £10,000 to Anna (trustee #1)

Then, and this is the section I would really appreciate interpretation of the legal speak!

'Subject to the trusts declared above my executors shall transfer to the trustees the Trust Fund to be held upon with and subject to the following trusts powers and provisions of my Will.
The Trustees shall hold the Trust Fund upon trust as to Jane (Trustee #2) Absolutely

There then follows a number of pages which are 'administrative provisions ' and talk about the powers that the trustees have to , for example, lend, invest, manage 'the trust fund'.

There is a house and savings involved in the will. I am a bit confused by the wording and would appreciate clarification if anyone has experience. Jane think she is being left everything, is she right and what is the talk of the trust fund? Will this be fairly straightforward or do you anticipate any issues?

Many, many thanks in advance!

OP posts:
wowfudge · 06/09/2015 21:41

My understanding is that that is the case, minus the pecuniary legacies. The trust fund is likely to be to do with IHT.

Collaborate · 06/09/2015 23:19

Is Jane under 18, or younger than the age the will says she has to be to hold the funds for herself?

There will be something earlier in the will defining what the Trust Fund is. Probably the residue of the estate (what is left after all the pecuniary and specific (e.g. I give my watch to A) legacies are dealt with).

DelphiniumBlue · 06/09/2015 23:31

From what you have said,it looks as id Jane gets everything after the other bequests and usual testamentary & funeral expenses have been paid. The word "absolutely" means it's not a life interest, but hers to do what she wants with. But I'm not a lawyer, and anyone concerned/involved should consult one, particularly as you seem to be suggesting that it's a fairly large estate.
It is the executor's job to make sure that the estate is distributed properly, but the beneficiaries can seek independent advice.

MermaidCafe · 07/09/2015 18:14

Thank you all. collaborate Jane is over 18 - there isn't any mention of ages throughout the will.
delphinium thank you for the explanation of the absolutely - thats helpful.
From a bit more googling, I think you are right wow and the fact it is a 'trust fund' rather than estate must be something to do with inheritance tax, but what I am not quite sure!

Thanks again.

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