Trust Beneficiary what next

[anney63]

My in laws and another couple bought a house & created a trust for when they died as there had been a 2nd marriage.

 

The house was sold when 2 of the guarantors were unfortunately put in a home with Alzheimer's .

 

The house was sold and the money put in trust by the remaining trustees 1 of which is a beneficiary the other is her husband .

All have now died .

 

Can anybody tell me what happens now and how long it takes as a named beneficiary

I am not being advised of anything .

 

I just don’t want to create any friction.

This surely is not part of the remaining settlers estate and should not be subject to probate . 

[AndyOrch]

Topic moved to General Legal Issues Forum.

 

Andy

[honeybee13]

Hi.

 

That sounds like quite a complicated story.

 

Would you be able to give us a timeline of what's happened please? Are you a beneficiary?

 

HB

[anney63]

Yes I am . The last settlor died on February 15th but not been told a thing the only thing in the trust is the funds from the sale of the house which was sold about 2 years ago and the interest on the funds was all that could be touched to go towards Thier care.

 

The proceeds from the house could not be touched until the last one died. The 2 extra trustees were made when the last 2 were 90 but that’s another story .

 

As far as I see it the money belongs to the beneficiaries and is nothing to do with the will . I just want to know what should be happening I realise it’s a funny time but I’m afraid I just do not trust these people .

 

It does say that trustees to be trustees of the trust in addition to the continuing trustees and to act jointly wth the continuing trustees but the continuing trustees are no longer alive all so confusing . 

[honeybee13]

It does sound confusing, I agree, and I don't know if anyone at CAG has a lot of experience with trusts.

 

I assume the trust was set up by a lawyer -  who is meant to be administering now please?

 

HB

[anney63]

One if the beneficiary’s and her husband the daughter of the final settlor who died 

[honeybee13]

Sorry, I don't follow that.

 

HB

[anney63]

Sorry the trust was set up by a solicitor in 1982 when they bought the council house my mother and father in law were living in .

 

One couple had 7 children the other couple (my in laws) had 1 but the trust splits the funds equally between 8 children

 

I’ve had all this looked at ...

 

not right but nothing can be done because they signed the papers adding 2 extra trustees when they were 90

 

I wasn’t notified and bless them I don’t think they were aware of what they were signing .

The whole thing was done very craftily .

But nothing I can do but I’m still entitled to an 8th .

 

Just really want to know what happens next

does it have to go through probate as I thought trusts didn’t and this money is not part of the last persons estate who is the mother of 1 of the extra trustees.

 

It now belongs to the 8 beneficiaries who are named in the trust but when do we get it ?? 

[Ethel Street]

I have been a Trustee for a house and had to deal with probate for it, although in very different circumstances to yours. What I learnt is that Trust law is extremely complex and the HMRC taxation regime even more complicated.

 

In your position I wouldn't attempt to do anything without getting legal advice from a solicitor - preferably a specialist Trust and Probate solicitor

Edited April 20, 2020 by Ethel Street

[anney63]

Thank you