Trust fund from will

roxytoo

My father left 3 daughters trustees of his cash and house. I think when he made the will there would have been half a million in there but fast forward 8 years and most of it had been transferred to his present wife, so now held jointly and out of the trust...........anyway the house remains in trust for us for her lifetime with £30000 cash (monies which were in his sole name) which we are supposed to invest and give the interest to her. All seems very vague as to what we can do with it and interest on it will be negligible. One sister wants her 'share' to invest as she wishes. Can we split this 3 ways or do we all have to agree to do that? (dads wife has now said she doesn't want the interest) Solicitor acting has not given any useful advice...................

Keep_pedalling

It sounds like the trust would not have been created til his death. If your step mother is willing to give up her right to the interest then this can be done through a deed of variation, and the cash can be distributed between the three of you do do with as you wish.

roxytoo

Yes but do we 3 all to have to agree to do that?

Keep_pedalling

roxytoo wrote: »

Yes but do we 3 all to have to agree to do that?

The only person who needs to agree to that would be your step mother, as she is the one giving up the benefit. Why would any of you object to getting your inheritance early?

roxytoo

I had thought there was more stringent rules and regulations involved and wanted to honour my Dads will, I hadn't looked on it as my inheritance as such as it was going to be in 'trust' until my stepmother goes. One sister has already got the lump sum and I thought we were going to invest it as a lump sum but other sister wants her 'share' now. So just wanted to check, once we have the deed of variation, that whoever is holding it can split it up