I wondered if anyone could provide some practical pointers as to how an estate like the one below would be administered in practice:
- Property value tenants in common (husband and wife 50:50) £140,000 in total (£70,000 each)
- Outstanding Joint Mortgage £37,000
- Joint life cover policy for husband and wife (not in trust), sum assured £74,000
- Each will leaves share into life interest trust for spouse remainder to children
I am hoping someone can explain in circumstances like this how much would end up in the trust & is there only one way of administering this. The couple would like half of the house to end up in the trust.
Any replies much appreciated.
Woodwards Financial Planning