Executor on will, money in trust - what does it mean?

[JillyPooper123]

WILLS: This is a bit of a tricky thing to discuss and I’m completely inexperienced so would love some advice as I have no idea what to do or whether I’m being inappropriate.

My uncle has recently died and myself and my Dad are executors on the will. My uncle contacted me to ask if he could name me as executor when he was alive and explained then what was in the will but this was a few years ago now.

My Dad is still in a bit of shock so I don’t want to overwhelm him with questions at the moment but I know the estate has been left to myself and my siblings in trust to him. My understanding of this is that he holds the money in trust until he dies then it comes to us but not sure if that’s right.
Q1: What does it mean to have money ‘in trust’

Q2: Whats the right way to approach being an executor?
I’m not sure if I’m supposed to step in and actively take part in the executor role or if that’s a bit disrespectful and pushy and I should wait to be asked to get involved if needed? I don’t want to leave my dad to deal with it all alone and would actually like to know how all this works because I am absolutely clueless myself and it feels like something I should know about. But at the same time I don’t want to add to my Dad’s workload if its generally considered easier for one person to deal with these matters. It’s also awkward because discussing other peoples money is always uncomfortable and I don’t want my dad to think we’re interfering and snooping about, poking our noses in especially as we kids have a financial interest but that’s linked to my dads death and that’s just a horrible topic and it all feels so mercenary but also necessary…..!!!!

I’m hoping I’ll just be summoned by a solicitor to hear the will read and told what I’m supposed to do then so its not a conversation I need to initiate myself (cowards way out basically….) but is that what happens or am I supposed to step in and is that why my uncle asked me when he was alive so I knew to step forward when the time came?

I would love to know what to expect, what my obligations should be, what’s appropriate in this situation and what isn’t. I had no idea how tricky this could be, steering between the emotional and legal sides of this, no one in our family talks about it. My dad is a quite a sensitive soul and this is hard for him and the last thing I want to do is leave him struggling with all the work but also don’t want to exacerbate his grief by behaving in an insensitive and money orientated way about something that is a genuinely sad event in our family.

(As a side note, once I know what’s expected, I will be passing this on to my own children when they’re old enough. I’ve realised we need to talk about death more!)

What words does the trust part actually use?

Are you and your siblings over 18?

As an executor you absolutely have to step in and do the reconciliation of all the assets then distribution per the will, that is your job. Only you and the other executor can agree to bring in a solicitor if you want to use one, which is then funded by the estate.

I am assuming you and your dad are joint executors? I have one and a back up, the back up only had to act if the first cannot or will not. But for joint, you both have to act unless one of you officially steps down and relinquish any control and responsibility. But then you cannot have any input.

Will readings by solicitors don't happen.

You do sound as if you need legal advice on the trust issue. If you are all over eighteen that part may have been written when you weren't and so may no longer be relevant. I can't imagine why money would be put in a trust for adults held onto by another adult until they die (unless there is some interest or something for them to live on - how much are we talking about here?). It seems pointless.

You may find you can dissolve the trust but you do need legal advice.

Actually, have you seen the will? This is the first step. Get a copy, he may have changed his mind.

It's common to ask before you make someone executor, not necessarily so they can "step up", but more because it is a big undertaking.

It can be quite a lot of work/take a long time to sort out a will. The solicitor will not read the will to you; that only happens in films. You and your dad could agree to pass the job onto a solicitor but there will be fees to pay.

It's now down to you and your Dad to make sure the instructions in the will are carried out. No-one is going to pop up to tell you what to do. If you need a solicitor to guide you through it then you will need to find and hire one yourself.

Sorry for your loss

All the info you need you can find here:

HTTPS//www.gov.I'm/browse/births-deaths-marriages/death

The will will set out the terms of the trust - you don't automatically inherit upon death

www.gov.uk/browse/births-deaths-marriages/death

You need to know if your dad is a trustee or a beneficiary or both!

If he is a beneficiary then the money is left to him and he can withdraw it and use it if he likes.

If you, your dad and sibling are all beneficiaries then you can all use the money.

If just you and your sibling are beneficiaries and your dad is a trustee then the money is yours now.

This is great advice, thank you. I’m getting a clearer picture of what to expect.

Some answers….

I’m in my late 30’s and was probably in my mid 30’s when my uncle asked me to be an executor so I’m a little confused about the trust thing too. Siblings are all adults too. My understanding is the majority of the estate has gone into the trust so that’s the house and I guess any investments but I have no idea how much that is. Perhaps there is interest to live on.

I haven’t seen the will yet.

Good to know that the solicitor is a Hollywood thing so I won’t expect anything to happen there. You’ve saved me making a wally of myself…..

I have no idea if I’m a joint executor or a backup one.

Think I’m just going to have to be a grown up and actually have a conversation with my dad to find out what’s what and if he needs my help.

re the "in trust"part - if your dad is a trustee then he will take care of the money for you and your siblings. if he is a beneficiary then it passes from the trust to him and he can (depending on the terms of the trust) do with it as he wishes.

from your post above it sounds like he's the trustee, so should in theory go with the terms of the trust and look after the money for you and your siblings until a certain point - sometimes it's when a person reaches a certain age, marriage, does a particular thing (in a trust ive seen recently it was when a person graduated with a first class degree in x subject).

check the terms of the will and the trust and go from there.

Get a copy of the will. It will be written in legal speak but not impossible to understand. There shouldn't be anything ambiguous.
The executors must act together unless one wants to relinquish the responsibility.
You can appoint a solicitor but be aware it will cost money and take far, far longer than if you do it yourself.
The first thing to do will be to gather information about all assets, bank details, property values etc for inheritance tax purposes. This is often the biggest job and actually a solicitor would still expect you to do most of this.

My understanding of this is that he holds the money in trust until he dies then it comes to us but not sure if that’s right.

That sounds from what you've said as though it is an "interest in possession trust".

My understanding is the majority of the estate has gone into the trust so that’s the house and I guess any investments but I have no idea how much that is. Perhaps there is interest to live on.

If that is the case then what this means is that your father would have the right to live in the house during his lifetime and also, if there is any interest then he will get that as well. However, he will not be allowed to sell the house or get rid of any other assets in the trust.

After your father's death, whatever has been put in the trust will go to your and your siblings according to the will.

Another possibility is that a trust was set up prior to your uncle's death as part of inheritance tax planning (there would have been a charge on creating such a trust unless it was done quite a few years ago).

Agree you neeut what needs to be done and which of you will deal with what. I believe that if you need legal advice, the more information you've collected first and the clearer you are on what questions you have, the better; though if you are struggling then get advice sooner rather than later.

Sorry for your loss.

you both have to act unless one of you officially steps down and relinquish any control and responsibility.

As an executor you have another option, which is to 'reserve' your power. This means you are not active at the moment, but can get involved if you don't like the way things are handled.

You absolutely have to be proactive. If indeed you are an executor you are legally responsible for ensuring what's in the will happens. If you don't carry that out properly you can be sued. Get a copy of the will ASAP.

I've been an executor for a will recently. What we chose to do was do the work ourselves but we had a solicitor available to answer queries on an ad-hoc basis we paid for her work by the hour. Her fees were very high (central London firm) but she wrote the will, knew all the ins and outs and was very helpful and the fees were far lower than if we had used her as executor. You could ask the firm who wrote your uncle's will if they would do this for you -- or another firm you have had dealings with.

You don't have to continue as executor -- you can renounce if you want to. And if you and your father are both executors, you can of course divide up the tasks between you. But you both have to sign all the papers at the crucial moments.

Good luck. It's a lot of work, but do-able.

First step - find and read the will for yourself.

I think the first step is to talk with your Dad and let him know that "Uncle told me a couple of years ago that he was making me a co-executor with you; do you need any help with the will?" That opens the door to potentially seeing the will, checking if you are an executor, checking what it says about the trust, and then helping your Dad along the process.

@JenniferAllisonPhillipaSue

I think the first step is to talk with your Dad and let him know that "Uncle told me a couple of years ago that he was making me a co-executor with you; do you need any help with the will?" That opens the door to potentially seeing the will, checking if you are an executor, checking what it says about the trust, and then helping your Dad along the process.

What if he says "no thanks"?

OP still an executor and still legally responsible.

She needs to ask specifically "am I an executor, can I please see the will?".

It's not about "helping" the dad, she has a legal duty if she is an executor and she needs to know.

She needs to ask specifically "am I an executor, can I see the will?"

To which he can still say "No". Leaving her no better off, but their relationship in possibly a worse state.

Pardon me for trying to retain a good relationship between OP and her father. It doesn't hurt to approach things kindly.

So, if he lies to her it's somehow her fault?

She has a legal obligation, potentially, and if she does not carry it out she could be sued. But you think pussy footing around a man's ego is more important?

Why would asking "am I an executor" cause their relationship to break down anyway? It's not an "unkind" question, it's totally reasonable.