Property in Will.

rpc

The solicitor trustee has too much to lose and won't let the brother go all cowboy with the running of the trust.

Get legal advice to clarify the exact position (you still aren't terribly clear I think) and, if you have an interest-in-possession, write to the solicitor and brother jointly rejecting the demands for money with an explanation why. Solicitor will probably then jump on the brother and put him in his place. I bet the solicitor knows nothing of the brother's plans...

Why would you pay for maintenance and repairs on a property that you don't own? You will never directly benefit from capital uplift. It seems to me that the brother should pay half (as a joint owner) and the trust should pay half. Of course, the trustees need to be certain that these costs are in the best interests of the trust.

ValHaller

rpc wrote: »

The solicitor trustee has too much to lose and won't let the brother go all cowboy with the running of the trust.

What does the solicitor have to lose here?

It crossed my mind last night what might have happened. People have speculated as to why OP Stuart has his share put into trust - I would be grateful for an explanation from Stuart, but it crossed my mind that Stuart was probably a minor when the will was written and his brother is much older.

Solicitor has been devious and correctly suggested that Stuart's share be put into trust but then omitted to establish a termination clause for the trust such as reaching age 25 or whatever. Solicitor puts himself and the brother as trustees, creating a situation with an imbalance of power and potential for conflict which will create lots of fee earning opportunities but is unlikely ever to challenge him.

Stuart's mother was effectively mugged by the solicitor.

stuart2088_2

Once again thanks to all for your input. I will give some further details.
My parents wills were redone in 1991 not long after my father was diagnosed as terminally ill.At the same time my brother was set up as power of attorney should the need arise.

At that time i was in my early forties and my brother is six years older.
I was diagnosed around that time as having a bi polar issue after 20 years of misdiagnosed issues.
It is now well controlled with medication.

Those of you who are aware will know there are differing types of this condition. Mine was predominantly depression but occasional high episodes when could be reckless with money although not as crazy as some stories i have heard....
Thats all i can think my father was trying to do and protect me in some way.

I will never know but something doesnt sit right and maybe my brother influenced him.

Strangely enough two months prior to my fathers passing he passed in equal amounts to myself and my brother the bulk of their estate leaving my mother well catered for with pensions etc.
So he wasnt concerned about me having it at that stage.

Back to the house just done some calculations and if this house is sold my brother gets his share in cash mine goes in this dreaded trust fund. I appreciate interest rates alter but at current rates i would have to live to over 100 to receive the equivalent in cash terms.

So i am hoping this trust fund can be set aside when that case arises.

PS My father even when ill was an intelligent soul and very shrewd. So whether he was badly advised or didnt understand the consequences i am not sure but i think i can safely say he will be spinning in his grave knowing the complications it is causing.
I am sure he never envisiged it to turn out this way.

So there we have it. Any further details required please ask.:)

nom_de_plume

Thanks for the update. It provides a useful insight into what may have been on your father's mind when the wills were prepared.
As a parent myself you are probably spot on with this comment 'Thats all i can think my father was trying to do and protect me in some way.'.

ValHaller

stuart2088 wrote: »

Once again thanks to all for your input. I will give some further details.

Thanks for the clarification. It is a difficult situation all around then and perhaps I was mistaken to point the finger at the solicitor.

I do think that it is an exceedingly unsatisfactory situation for your brother to own his share outright and also be trustee for a trust which holds your share of the same asst. It would be much more satisfactory for the asset to be sold and split between your brother and the trust - at which point the conflicts of interest your brother has would be eliminated.

Suppose the house were sold, would there be enough to buy another property with your share? Do you have a property of your own?

nom_de_plume

Another thought. Do you have any children and will the trust pass on to them?
For the record, I know nothing of trusts.

madbadrob

Valhaller it really doesnt matter if there was enough for him to buy his own house with the share because he wont get that money. What hasnt been said is how the trust is to be handled, how he can obtain any monies from the trust etc.

The wording of the will is something that really needs looking at and by a solicitor not connected with the trust or will. It may be that a new set of eyes could find something to invalidate the will. They may find something that could get the trust fund removed who knows

Rob

ValHaller

madbadrob wrote: »

Valhaller it really doesnt matter if there was enough for him to buy his own house with the share because he wont get that money. What hasnt been said is how the trust is to be handled, how he can obtain any monies from the trust etc.

Oh yes it does matter. Dependant upon how the trust is written, it could be used directly to provide housing to OP while constraining OP from doing anything with that value.

madbadrob

Val hence my second sentence. Without knowing the wording of the will we are advising based on supposition

Rob

stuart2088_2

madbadrob wrote: »

Val hence my second sentence. Without knowing the wording of the will we are advising based on supposition

Rob

Regarding my previous postings and the helpful advice received there has been a development.
The property is now to be sold. So the question of me coughing up for refurbishment costs is redundant.

My question now is regarding this life interest Trust Fund. Just worked it out and to receive the same monetary return from income as my brother will receive in cash terms i will probably need to live till over a 100 years.

As previously stated i understand my fathers reason for going down this route but i suspect he was poorly advised or at least did not fully understand the consequences.

Either way is there any way this trust fund can be set aside as i dont believe it serves a useful purpose at this stage.