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Trustees of lifetime interest trust created by a will, and how to appoint them

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  • Trustees of lifetime interest trust created by a will, and how to appoint them

    My father's will appointed myself and two other people to be the "executors and trustees of this will".

    I applied for Probate, with the other two named executors holding Powers Reserved, so the grant is in my name only.

    The will creates a lifetime interest trust (IPDI), using the phrasing "gives my interest in the property...to my Trustees... to hold the Property on trust for ...".

    The will includes a schedule of definitions which defines "My Trustees" as "my executors, my administrators and the trustees of any trusts under this will. However, after a grant of probate or letters of administration has been issued for my Estate, this term does not include anyone appointed as an executor who has not proved this will."

    Am I correct that this means that I am currently the sole trustee of the IPDI, since the other appointed executors did not prove the will?

    If so, how can I re-appoint the other two named executors as co-trustees of the IPDI? Does this need to be done through a solicitor or can I do it myself?

    Thank you for any advice!
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  • #2
    I have a related question. My deceased mother in law's will created a lifetime interest trust which allows her oldest son to live in her house for as long as he needs/wants to. As executors, my wife and I become trustees. However my wife is terminally ill which means there would only be one trustee (me) in the not-too-distant future. In any case I may die before my brother in law. What happens then? Can younger family members be appointed as trustees to make the thing more future-proof and, if so, how?

    Comment


    • #3
      Hi SPHEROID & STEVE19

      I can't answer directly, but there is some information here, also more links on the right hand side of article -

      https://www.inbrief.co.uk/estate-law...g-replacement/

      Comment

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