Question about will trustees

[Octypuss]

Hi everyone

I have a question about my mother's will if anyone can help please - we would be so grateful for any advice!

She sadly passed away a couple of weeks ago and told us before she died where the copy of her will is. We have now found the will and have a couple of questions.

She states that on her death that everything she owned should be given to two trustees (her sisters), who should hold the estate equally for myself and my brother. The will also states that if either I or my brother have died before her, then our children should take our share when they reach 21. (The latter hasn't happened- both my brother and I are fit and well.)

So my question is - why are there trustees in this case when my sibling and I are over 18? Is this likely to make things more tricky for the executor? And will we now be liable for the lower rate of inheritance tax threshold (which I understand is £325k) because they as trustees own the house first?

Any help/guidance would be gratefully received as we are pretty clueless about this stuff 😩

Ask a solicitor

I too would be interested in the answer as we will be making a will via solicros and started a thread here asking questions Re Wills and how a trustee set-up works

The assets pass to the trust, to be held for the beneficiaries under the terms of the trust deed/Will.

The trustees make the decisions about the trust assets.

Age of the beneficiaries doesn’t matter unless specified in the deed.

Ask the solicitor about the specific IHT questions, nobody here will be able to say without knowing values of the estate, other gifts etc.

Also ask your solicitor about a deed of variation so the assets go straight to you and your brother instead of going into trust, if that’s easier for you.

Thank you @ThisHonestQuail - that is very helpful

How long ago was the will written ? It's sounds like it was written when you were children ?

Words such as to my Trustees who shall hold my Estate do not indicate an ongoing trust because the executors of a will hold the estate as trustees until it is distributed.