Dissolving a trust agreed by all parties

Marcon

getmore4less wrote: »

This trust has been in existence for a number of years the trustees should be upto speed by now.

OP is one of the trustees and obviously isn't 'up to speed' (at least not with dissolving trusts) or they wouldn't be asking here.

Yorkshireman99

Keep_pedalling wrote: »

With a LIT comprising solely of a property the beneficiary is living in, I doubt whether any of the trustees has had anything to do since the trust was created. The most they would have had to do was to make sure the building was being maintained in good order and that it was insured.

And even that may not have been done properly. From my experience many lay trustees have little idea of the responsibilities or carry them out diligently.

getmore4less

Marcon wrote: »

OP is one of the trustees and obviously isn't 'up to speed' (at least not with dissolving trusts) or they wouldn't be asking here.

Where does it say the OP is a trustee?

Marcon

getmore4less wrote: »

Where does it say the OP is a trustee?

In the original post: The solicitors who are dealing with the conveyancing for the house sale, say we need to consult a specialist solicitors to deal with the paperwork to dissolve the trust, but surely, given we are all in agreement, cant we just all sign a bit of paper stating the terms of the financial arrangement and that be good enough?

getmore4less

That does not say they are the trustees.

BobQ

I think the OP has baled out of this one. Maybe he did not like the advice.

My impression is that the step mum owns the other half of the house and at the first hint of dementia the children have decided to sell the house and secure their share. They have decided to sell the house without legal advice and now the conveyancing solicitor has pointed out they cannot do this. The lack of clarity as to who the trustees are is also in need of clarification.