The Asset Trust has been prepared by and on behalf of your parents to protect their assets during their lifetime and to ensure the assets are passed on to you, the family, intact and in a secure and safe manner. There is nothing sinister about the Trust and it has not been prepared for any other reason than for you to ultimately benefit as your parents would wish.
Trusts have been used as part of an overall estate plan for centuries and provide a number of advantages, some of which are described below:
Your parents will be the Settlors in the Trust and, as such, will continue to have full control over their assets. You will be named as the Discretionary Beneficiaries in the Trust and will be asked to read and sign a number of documents to enable the Trust to proceed. The Trust is an agreement between the Settlors and the Discretionary Beneficiaries so all parties will need to be in agreement before the Trust can proceed.
Initially, you will be added to the existing Deeds of the property. This will involve a number of documents being sent to you for signing and returning to us. Typically there are 3 documents to be signed by each party as well as the Trust document itself. Once signed, you should return the documents to us for submission to the Land Registry. Once you have received confirmation from Land Registry the Trust becomes operational.
Once the Trust is set up and operational there is nothing further for you to do as Discretionary Beneficiaries. You will ultimately benefit from the Trust as directed in the associated wills prepared by your parents, and once all Settlors have died and the estate distributed accordingly, the Trust can be dissolved.