I have a client who currently has a net estate worth £7m.
However, he wants to “preserve” his main residence like a type of “museum”. He is a bit sceptical about leaving everything to the absolute discretion of trustees so I just wanted to check with you what options I was considering and see if you agree;
- Put whole estate into a discretionary trust and leave a Low regarding his beneficiaries, preserving the property etc; OR
- Leave his main residence only as a gift to professional trustees with a LoW setting out how he wants them to deal with it and leave the residue absolutely to other beneficiaries.
I understand the trustees will have to manage, maintain and insure the property and will therefore need access to money from the Trust Fund for whatever period he states, or up to 125 years. The full DT would therefore in my view be the better option to ensure the property doesn’t have to be sold due to lack of finances.
Not sure if there are any other ways, but as I have never come across this type of request it would be interesting to hear any thoughts!