Probate Plus knowledgebase
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Handling assets placed into a life interest trust

If an asset (e.g. a property or cash) is being placed in trust, you can add that Trust as a specific legatee and transfer the asset across when it occurs.

1. Add the asset into the asset browser with its at death valuation.

2. Add the Trust as a legatee of the estate in the Legatees browser.

3. Right click on the asset in the asset browser and choose 'Transfer asset to legatee'. Record the date the transfer happened and show it as passing to the Trust.

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How to handle any income due to a life tenant

If there is a life tenant receiving income from the asset during administration, you would enter the income in the usual way but then use the 'Debit against income' function to show the sum(s) paid to the Life Tenant and debiting the cash account with Probate Plus from which the payment was made (e.g. your client account).

Once the estate administration has been concluded, future payments to the life tenant would be often be handled outside of Probate Plus, and shown only in the Trust accounts. However, if you are also managing that Trust, you could start a new case in Probate Plus and manage it on an ongoing basis in that way.

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