LPA and Trustee Issues-Pls Help!

RedDaemon

Complaints were brought forward to the two trustees of my late mother's estate. The funds were left languishing in their account for 2 years. They didn't invest the funds nor seek independent financial advice as they were supposed to do. Instead they put the money into a regular account and were only to tap into the interest for my father's needs as a form of income. I asked for another trustee to be added and they refused. So I took my complaint to the ombudsman who is investigating. Now the solicitor trustee is resigning as a result and the other trustee refuses to give me her contact details. What can I do as I am a beneficiary to. Office of public guardian is of no help although there are safeguarding concerns because they said if I don't have proof they cannot investigate. Yet, I have asked for records of whats been spent and they refuse to provide this. I am aware they don't have to, yet if I request a yearly account they should provide this in accordance with the trustee act of 2000. Please someone help with some well founded advice. I can't attempt to have the other one removed because I do not have her contact details to have her subpoenaed.

hollydays

Why has the other trustee refused to give you her contact details?
Do you have evidence of wrongdoing?

RedDaemon

We are not on speaking terms.

I have evidence of what I laid out for the legal ombudsman re: money languishing in the solicitors account for two years without investing, not seeking independent financial advice, loss of income due to non investment, etc.

AnnieO1234

RedDaemon wrote: »

We are not on speaking terms.

I have evidence of what I laid out for the legal ombudsman re: money languishing in the solicitors account for two years without investing, not seeking independent financial advice, loss of income due to non investment, etc.

Why would you want the money to be invested in anything beyond a savings account? What if they'd made a risky investment, would you not then be complaining that they'd risked too much etc.

How much are we talking here roughly? What are the precise terms of the will?

xxx

RedDaemon

They can invest in moderate accounts or property. The problem is it has been sitting in the solicitor's OWN bank account for two years then they finally moved it into a normal account.

The precise terms state that independent financial advice is sought and to invest the money so that intereest could be derived and an income from the interest could be produced for basic needs...which have been extremely minimal for the last 4 years. What they have been doing is dipping into the principal sum because they didn't invest it. As well he has benefits he receives so they aren't using those funds and using the inheritance instead. He cannot state which funds to use because the will states he cannot determine or does not have a say in how the money is spent. x

hollydays

You aren't happy because they aren't using his benefits?
You don't like that they are using the inheritance?even though his needs are minimal?

RedDaemon

It says in the trustee act of 2000 personal money is to be spent before any money from the trust.
It also says the trust money must be invested so the trust earns an interest. Which in turn, earns an income. The trustees are supposed to seek independent financial advice and invest the money.

I am fine with them using his benefits because that's what that money is for. I am not happy they have not invested the money as they are supposed to do and THEN use any interest derived from the invested money as an agreed income. Which, has been minimal because he doesn't require much...even the social worker agreed to this.

The inheritance money is not there for my father to decide on how to use it. This is explicitly stated in the will because he lacks full mental capacity and would spend it frivolously.

Ziggazee

Personally I think you need to take a step back, stop quoting random bits of law and let the Trustees get on with their job. Have you ever been appointed a Trustee? I suspect not, so you really don't have enough knowledge to start pointing the finger at someone else's supposed wrongdoings.


I think you're more worried that the money which will eventually come to you will be frittered away...

RedDaemon

hollydays wrote: »

You aren't happy because they aren't using his benefits?
You don't like that they are using the inheritance?even though his needs are minimal?

Precise terms of the will are that the house gets sold, I get my share, my father's share is to be invested into accounts after seeking independent financial advice. The money from the interest from those investments can be used for an agreed income for my father to live off of. If in the future his needs may increase, they can agree on another amount. My father cannot make a will giving away this money because of his mental capacity and he cannot decide if he wants to take extra money out of the amount---only the trustees can do this from the interest.

That's exactly what the will interpretation states.

toniq

Maybe if you post here The Deaths, Funerals & Probate Board you might get more help, they seem quite a knowledgable bunch.

RedDaemon

toniq wrote: »

Maybe if you post here The Deaths, Funerals & Probate Board you might get more help, they seem quite a knowledgable bunch.

Thank you!