Trust And Inheritance Guidance

Summary

Review your trust documents to determine how the death of a beneficiary affects inheritance. If the trust specifies, your children may inherit your share. As trustees, you and your husband have specific roles, and he may not change the trust terms without authority. Consider amending the trust after significant life events. Your daughters can take out a life insurance policy on you with your consent, and family insurance packages are available in the UK. Consult a solicitor for personalized advice.

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No thank you. If i die but my husband lives, will the share go to my children?
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In general, if you and your husband have a property in trust for your children, the trust will dictate how the property is distributed. Here are some key points:
- Review the trust's terms to see how it handles the death of a beneficiary.
- If the trust specifies that the property goes to surviving children, then your children will inherit your share if you pass away.
- Consult a solicitor to ensure clarity and to make any necessary updates.
Would you like more detailed information on how to review your trust documents?
what i mean is will my husband inherit everything in my death or will my children get a share of their inheritance? My husband would need a place to live and would reside in the property but would he legally be allowed to change the details of the trust to exclude my daughters and give everything to his son?
In England, the specifics will depend largely on the terms of the trust. Generally, if the property is in a trust for your children, your husband won't be able to change the trust terms after your death unless he is designated as a trustee with such powers.
Would you like more detailed information on reviewing and possibly amending your trust documents?
no. my husband and i are both trustees. Will my daughters get a share of the property or become trustees in my place in the event of my death?
The answer to whether your daughters will get a share of the property or become trustees in your place depends on the terms of your trust. Here are a few general points:
- Trust provisions will dictate what happens to the property upon your death.
- Typically, if trustees die or resign, the trust document will name successor trustees.
- Your daughters could become trustees if the trust specifies or if they are appointed by existing trustees or a court.
Would you like more information on how to review or amend your trust documents?
do you think i should amend the trust to remove my deceased daughter?
It's generally a good idea to review and possibly amend your trust after a significant life event, such as the death of a beneficiary. You may want to:
- Consider how your deceased daughter's share will be handled.
- Ensure the trust reflects your current wishes.
- Consult a solicitor for personalized advice.
Would you like help finding a solicitor who specializes in trusts?
I have life insurance but can my daughters take out another policy for me?
Your daughters can take out a life insurance policy on you, but there are a few key points to consider:
- Your consent is required.
- They must have an insurable interest in your life, which typically means a financial dependency or close familial relationship.
Would you like more information on how to proceed with this?
I am their mother. Is that not a familial relationship?
Yes, being their mother is considered a close familial relationship, which typically satisfies the requirement for an insurable interest.
Do you need more information on how to proceed with taking out a life insurance policy?
do they have to consult me?
Yes, your daughters would need your consent to take out a life insurance policy on you. This is a standard requirement to ensure that you are aware and agree to the policy being taken out in your name.
Would you like more information on the procedures for taking out a life insurance policy?
they would be paying for it but it would be life insurance for me so they can inherit when I die?
Yes, your daughters can take out a life insurance policy on you with your consent, and they can be the beneficiaries. This means they would receive the payout upon your death.
Would you like to know more about the specific steps they need to take to obtain such a policy?
how do they do this with proof of my consent?
Your daughters will need your written consent to take out a life insurance policy on you. This generally involves signing a consent form provided by the insurance company.
Would you like more details on the consent process or information on specific insurance companies?
can i have my whole family insured under one package?
In the UK, some insurance companies offer family life insurance policies that can cover multiple family members under one package. However, each member's coverage and terms might differ.
Would you like more information on the types of family insurance packages available?