Life interest trust and drawing down money

[WonkyFeelings]

Hi MN,

DH and I are looking to make our wills and we have been advised to set up a Life Interest Trust. I am DH’s second wife and he has two adult children.

We have been advised to set the children and myself as trustees and I think they said the children as beneficiaries?

I understand the advantage of it regarding our house, but I’m not sure I fully understand about our money which is invested. From
what I read, I would get the benefit of the income from that money, but say after I retire I want to buy a new car, would I then have to ask the children for permission?

We get along really well and they are lovely people, but it does make me nervous to think I would need anyone’s permission to access to my capital.

Could any of you clever people advise?

i can understand your reluctance and hopefully someone with more knowledge will be along
so very much changes upon the passing of a close family member. even the most respectful families often fall apart. i don't think needing to "ask permission" will work.

If the money is invested in joint names, it will automatically be yours if your husband dies. It will not form part of any life interest trust. It can only go into the trust if it is solely in your husband's name.

This is really useful to know, thanks! So he could put (with my agreement) some money in his name only for it to go to the trust together with the house?

He could, yes.