Will trust comprising cash only

[swill453]

My parents are both in long term care. Their former home has been sold, and their estates comprise simply cash, held in separate individual bank accounts.

Their wills were written a few years ago when they still owned their home. Each will leaves, after personal effects etc., the residue of the estate "in liferent for my [spouse] provided that he/she survives me". Then on second death it passes to my siblings and me.

Given that we are only talking about cash in the bank here, what's going to be involved in setting up this trust on the first death? It should just be a case of putting the money in an appropriate bank account, making sure the survivor gets paid any interest arising, and making sure appropriate tax is paid.

Is this something I'm likely to need to involve a solicitor in setting up?

This is in Scotland, if it matters.

(Changing the wills isn't an option, given their mental capacity now.)

Scott.

[gryffron]

You must register within 90 days with HMRC if any tax is payable.

Otherwise, For a will trust, nothing if it lasts < 2 years.

But before the second anniversary, you must create an online account at the Trust Registration Service and register the trust. It’s really quick, takes only about 15 minutes. No, you don’t need a solicitor to do it.

https://www.gov.uk/guidance/register-a- ... -a-trustee

The website says UK, so I don’t believe Scotland is any different.

Gryff