Wills and ISA’s wrt ASP’s

[zaxtab]

Where a WILL states ‘MY TRUSTEES shall hold the residue of my estate on trust either to retain or sell it...........PROVIDED THAT my Trustees may lend any part of my estate to my said wife with or without security or interest the said loan being repayable on demand .......’

1)At what stage is ASP sought wrt deceased ISA’s

Does the EXECUTOR/TRUSTEE complete the appropriate application as part of post probate distribution of estate or does the surviving spouse make the application after he/she obtains the loan of estate residue from Trustees as mentioned in Will?

2)Also referring to first para above...can a simple ‘loan note’ be written including whole estate residue,to surviving spouse,particularly if spouse,Executor and Trustee are the same person?....and what form should this take?....or does the ‘loan note’ need to be a legal document from a solicitor?

[Lee Young]

The ASP is applied for as part of the post probate dealings in the estate.

Without seeing the full will, it would be difficult to advise on the second part of your question.