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Will and Trust Fund.

Both parents died in recent years. Simple will left equal split between me and my brother. Main assett to divide is a house. Although a fifty fifty split my half is to be put in a trust fund to generate an income for rest of my life.
Due to my age and low interest rates i doubt i will receive the same benefit compared to if i received a lump sum.

My brother and the family solicitor are the Executors. Could the trust fund be set aside and i receive my share in capital?

I hope that makes Sense. Thank You.

Comments

  • Errata
    Errata Posts: 38,230 Forumite
    10,000 Posts Combo Breaker
    The terms of a will can be changed via a Deed of Variation if all are in agreement. Rather than me explain what/how, google the term for information.
    .................:)....I'm smiling because I have no idea what's going on ...:)
  • insured
    insured Posts: 122 Forumite
    edited 26 September 2012 at 7:36PM
    Whether or not you can dissolve the trust depends on a number of things.
    If you get a life interest in the trust and your brother gets the house outright it would suggest that the deceased thought you would not be able to manage the money. In which case the trust would probably be a protective trust.
    A protective trust is where the life tenant (you) are entitled to the income for life (or until some specified event) and if you tried to sell/mortgage/assign the life interest, or you became bankrupt, the trust would then become discretionary and it would be up to the trustees whether or not to give you the money.
    To vary the will, all parties who are affected adversly by the deed of variation must agree to it.
    That means whoever will get the house after you die will have to agree to either the deed of variation or to the dissoloution of the trust.
    Do you know why it was put in trust and who gets your share when you die?
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