Should I ask my Dad for the inheritance I'm owed?

Of course you must ask for it-it is your money, not your Father's. if he won't give it to you (remember it is yours by rights) then go to the CAB (Citizens Advice Bureau) for help. He had no right to the money in the first place. You may need to get the police involved-messy, I know, but you are entitled to your money.
Good Luck

Get your £5,000 and a percentage of whatever profit the house makes in the time between it being bought by your Dad and it being sold by him. If it was bought for £100,000 for example and is now being sold for £150,000 then that's a 50% profit and your £5,000 value was 5% of the original cost so you should expect 5% of that £50,000 growth.

Originally Posted by Savingandstillskint 17 yrs ago my brother and I were left a property in trust to us until the age 25 - I will be 30 this year!
My brother had £90,000 6 or more years ago from the sale of some land attached to the property. The property itself remains empty and not on the market. I am told that at the time that the land was sold - an error was made and tax was not paid. I am told that before I receive any money it must be calculated how much tax is outstanding; then I must wait for an accountant to calculate the difference between £90,000 of 6 years ago and £90,000 today to ensure money is distributed equally between my brother and I.My dad is the trustee and executor, and has told me that if he wanted he could sell the property and buy somewhere in the town where I live that my partner and I can rent from him. Can he do this? Can I request that the property is sold?
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rosyq wrote: »

This all sounds a bit fishy to me. you say you've been told about a tax error and you need to get an accountant in. Your dad tells you as trustee he can sell the house. I don't understand why he's still trustee 5 years after you reached majority; why your brother received money and you didn't. I think you'd be well advised to get a solicitor of your own to fight your corner and get you your rightful share of your inheritance. I do realise solicitors are expensive though, maybe the CAB can advise, or if you're hard-up I believe some solicitors will give 30 minutes free advice which could be valuable. Good luck with it.

Tusts can get a bit complicated and messy and we're getting info 3rd hand here. Usually, trusts have the admin work done by a lawyer or accountant, preparing an annual statement of account, paying over any taxes and chasing the trustees to get whatever needs to be done - including the necessary action when the beneficiary becomes eligible. If the trust was just left in the hands of non-professionals or forgotten about I am not surprised that things haven't happened.

The end result is the same though, you should get a lawyer to sort out the trust. If there is one already, see about talking to them directly so you can obtain a better understanding of the situation, it may be confused by going through the trustee who probably only knows what he understood from the lawyer!

If there isn't one already, you should consider getting one. They should be able to take their fees and pay the tax from the trust monies. Find a lawyer that deals with trusts (most other than criminal defence) and contact them by asking for a quote with indication of what work needs to be done. This should mean you get some idea (I doubt they will be able to be conclusive until they have examined the deed and events) before their time becomes chargeable and you can decide whether to appoint them or not. The situation may be awkward if the trustee decides to be difficult about it.

I ma not familiar with the trust deed nor the events but I would assume that yes you are eligible to demand the monies due to you from the trust - you essentially became a creditor of the trust when you became 25. That said, there may be matters that make it disadvantageous to yourself and your brother to simply demand the money ASAP but it is your right to make an informed choice.

I am presuming that when you say the trust could buy a house and rent from him, you mean rent from the trust. This does not appear at first sight tax efficient because presumably the trust would be paying tax on the rent! There may be a solution here whereby the trust owns 50% of a property and you own the other 50%, therefore pay a half-rate rent to the trust. However you may then be storing up problems for the future i.e. eventually your brother will become eligible and presumably you'll need to buy out the other 50% of the house. Also problems if you decide to move...

Talk to the lawyer, they should be able to sort all of this out with little hassle for you.