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Family assets protection trust - following death of Father
Fi_1966
Posts: 180 Forumite
Hi, my father set up a family assets protection trust when he remarried in 2013. Basically the trust names his half of the property, jointly bought with his new wife, to me and my sister. His wife's half is left in the same way to her two sons.
My father passed away in July 2017 and his estate was distributed (finally after his wife put In a claim for more.....but that's another story) finally in August 2018. His estate records included 200,000 against the property held in trust as well as contents of his bank accounts and sales of stocks and shares.
His wife stated her intention to remove me and my sister from the trust if she could. We heard nothing more so have assumed the trust remained as my father wished. She has a life time interest in the property so I understand we do not benefit from the trust until her death. However not trusting that she wouldn't try to fully remove us from the trust I registered a property alert with the land registry office if any applications were made on it.
Yesterday I have received an alert notice from land registry office stating her solicitor has registered an application on the property.
Due to the ongoing virus contingency plan the land registry office are not taking calls or emails.
Two questions:
How could I find out what the application made is and do I have any right to know?
Also, I have tried to contact the solicitor named as the independent trustee to find out where we stand with the trust and if we could indeed be removed, or need to be informed if she intends to sell the house or change the deeds in any way after my father's death but he has not responded.
Any help on the above queries would be helpfully received.
My father passed away in July 2017 and his estate was distributed (finally after his wife put In a claim for more.....but that's another story) finally in August 2018. His estate records included 200,000 against the property held in trust as well as contents of his bank accounts and sales of stocks and shares.
His wife stated her intention to remove me and my sister from the trust if she could. We heard nothing more so have assumed the trust remained as my father wished. She has a life time interest in the property so I understand we do not benefit from the trust until her death. However not trusting that she wouldn't try to fully remove us from the trust I registered a property alert with the land registry office if any applications were made on it.
Yesterday I have received an alert notice from land registry office stating her solicitor has registered an application on the property.
Due to the ongoing virus contingency plan the land registry office are not taking calls or emails.
Two questions:
How could I find out what the application made is and do I have any right to know?
Also, I have tried to contact the solicitor named as the independent trustee to find out where we stand with the trust and if we could indeed be removed, or need to be informed if she intends to sell the house or change the deeds in any way after my father's death but he has not responded.
Any help on the above queries would be helpfully received.
Debt Free Wannabe!!!
LIGHT BULB MOMENT (Jan 10) -£34k worth of debt!!!!
June 11- debt under 13k:)
CC - [STRIKE]6000[/STRIKE] 0 paid in full!!,LOAN 1 -[STRIKE]9750[/STRIKE] 6251, CAR LOAN -[STRIKE]12000[/STRIKE] 5913, HP -[STRIKE]6000[/STRIKE] 0 paid in full!!
AIM TO BE DEBT FREE BY OCTOBER 2014.:T
LIGHT BULB MOMENT (Jan 10) -£34k worth of debt!!!!
CC - [STRIKE]6000[/STRIKE] 0 paid in full!!,LOAN 1 -[STRIKE]9750[/STRIKE] 6251, CAR LOAN -[STRIKE]12000[/STRIKE] 5913, HP -[STRIKE]6000[/STRIKE] 0 paid in full!!
AIM TO BE DEBT FREE BY OCTOBER 2014.:T
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Comments
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Hi, my father set up a family assets protection trust when he remarried in 2013.Do you mean that your late father and his wife owned the marital property as tenants in common and on marriage, each made a will which (while leaving cash and other assets to wife/family etc), left an interest in possession to the spouse with their own children as eventual beneficiaries?
What is shown on the Register?
https://www.gov.uk/government/organisations/land-registry
Is your stepmother also a Trustee? She cannot take any action regarding Trust assets without the agreement of her fellow Trustee (s).
It is not impossible that the Trust Deed permitted (for example) the house to be sold and another property purchased in its place.
https://www.marlowwills.co.uk/life-interest-in-possession-trusts.aspx may be of interest.
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Thanks for your reply. Clearly I need to communicate with the solicitor trustee. I know or understand very little regarding the trust other than my late father's wife wants us removed asap.Debt Free Wannabe!!!
LIGHT BULB MOMENT (Jan 10) -£34k worth of debt!!!!
June 11- debt under 13k:)
CC - [STRIKE]6000[/STRIKE] 0 paid in full!!,LOAN 1 -[STRIKE]9750[/STRIKE] 6251, CAR LOAN -[STRIKE]12000[/STRIKE] 5913, HP -[STRIKE]6000[/STRIKE] 0 paid in full!!
AIM TO BE DEBT FREE BY OCTOBER 2014.:T0 -
Have you seen your father's will/the Trust Deed?0
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Yes, I have a copy of both. The will has been distributed (all be it only after his wife threatened me and my sister through the courts for a much larger cut of the monetary estate than she had been left). The trust is written in typical "legal speak" so it is difficult for a lay person to fully understand.
I am hopeful that she cannot get us removed but after her blatant greed over the will distribution I am keen to get this clarified, ideally in writing.Debt Free Wannabe!!!
LIGHT BULB MOMENT (Jan 10) -£34k worth of debt!!!!
June 11- debt under 13k:)
CC - [STRIKE]6000[/STRIKE] 0 paid in full!!,LOAN 1 -[STRIKE]9750[/STRIKE] 6251, CAR LOAN -[STRIKE]12000[/STRIKE] 5913, HP -[STRIKE]6000[/STRIKE] 0 paid in full!!
AIM TO BE DEBT FREE BY OCTOBER 2014.:T0 -
The time he spends answering the sort of general query you have put to him will be charged to the trust. He would be entirely within his rights to point out that you have a copy of the will and a copy of the trust document, and suggest that you get your own advice from another solicitor. In addition, given the fractious relationship you've said exists between you and your stepmother, he may well feel he isn't there to be used as a referee!Fi_1966 said:
Also, I have tried to contact the solicitor named as the independent trustee to find out where we stand with the trust and if we could indeed be removed, or need to be informed if she intends to sell the house or change the deeds in any way after my father's death but he has not responded.
Any help on the above queries would be helpfully received.0 -
Thanks again for your reply Brynsam. Indeed I have just received this correspondence from said independent trustee solicitor
"Unfortunately I am unable to speak with your regarding the Trust and your step mothers actions. I have acted for her previously, although am without instruction at this time, so there is a conflict of interest in me speaking with you."
I assume my next course of action is to engage my own solicitor to try to find out what is going on!Debt Free Wannabe!!!
LIGHT BULB MOMENT (Jan 10) -£34k worth of debt!!!!
June 11- debt under 13k:)
CC - [STRIKE]6000[/STRIKE] 0 paid in full!!,LOAN 1 -[STRIKE]9750[/STRIKE] 6251, CAR LOAN -[STRIKE]12000[/STRIKE] 5913, HP -[STRIKE]6000[/STRIKE] 0 paid in full!!
AIM TO BE DEBT FREE BY OCTOBER 2014.:T0 -
Have you checked the Register on line?
I cannot see how the solicitor Trustee would permit any jiggery pokery?0 -
Re the duties of a Trustee
https://www.duttongregory.co.uk/site/personal/tax-wills-and-probate/trusteesdutiesandpowers/
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