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Money held in trust query

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hi

not sure if this is the right board, but wondered if anyone knows if money that is left in a will to be held in trust can be "broken out".... the cheque is made payable to 3 beneficiaries, with the interest going to 1, and the capital going to the other 2 upon the death of number 1 ... if all 3 parties are in agreement, can the funds be cashed and divvied up now?

thank you!

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  • wombat42_2
    wombat42_2 Posts: 1,312 Forumite
    WindChim wrote: »
    hi

    not sure if this is the right board, but wondered if anyone knows if money that is left in a will to be held in trust can be "broken out".... the cheque is made payable to 3 beneficiaries, with the interest going to 1, and the capital going to the other 2 upon the death of number 1 ... if all 3 parties are in agreement, can the funds be cashed and divvied up now?

    thank you!

    The trustee may have discretionary powers as spelt out in the will but failing that all interested parties (executors and benefactors) could agree to a "deed of variation" thus changing the terms of the will, although i am not sure if there is a time limit after the will kicks in due to a death for a deed of variation to be drawn up.
  • Deed of Variation needs to be processed within two years - all parties have to be in agreement and over 18.
    I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.
  • WindChim
    WindChim Posts: 159 Forumite
    hi

    Thanks for the replies.

    All 3 of them are trustees, so it can be decided between them, although I don't know if that's legal enough?

    Could they not just set up a 3 way joint account, cash the cheque then have it out a few days later, or does it need to involve the solicitor?

    thanks again
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