Change in Wills

[ptjw7]

I have noticed recently that the amount of information in wills has changed to such an extent that they now contain little information of any use
The tendency now is to leave the estate in a trust which conveys very information.
Older wills seemed to itemise every little thing even down to bed linen - some even tried to dictate what happened long after their death
Perhaps the trust idea is to do with tax or the avoidance of it

Peter

 

[p.risboy]

Depending on what century you're talking about. Generaly, if a father leaves an estate in trust, especialy for his daughters. The reason behind that, is the fact that when his daughter/s marry,,,,,,,,,,everything that she owns(dowry), becomes the property of the her husband unless it's mentioned in her trust fund.. The trust fund is so she remains financialy secure.. This could also extend to any property that her father leaves her in Trust.
If any property left in trust are rented out, the daughter(Trust Fund) recieves the rent as an income.

If she buys something for herself, from her trust, she has to keep the reciepts to prove that she actually owns it, and has paid for it. Usually by her trust Fund holder. With that proof, she can then leave all that she owns in trust for her own daughters, or sons. Or simply blow the lot.

A Will, may or may not reveal the Trust Fund holder, possibly a bank or a lawyer. Or even both.

It pays to try and investigate any possible Trust fund holders....or any person who appears/mentioned in the Will, not to be a relation.

As for later Trust funds.....no idea. But I doubt it's solely for Tax avoidance. Maybe death duties possibly.

Steve.

 

[ptjw7]

I use the will to try and find family members that I cannot resolve but when there is a trust the will only mentions trustees

Not much use then - I wonder if there are other instructions for the trust so that it can function.

Peter