Trust Fund Problem...any advice, please?

Fable1506

Hi
I found out recently that I'm one of 4 benficiaries of a Trust Fund. However, the other 3 people involved ( my nieces) refuse to give me any info or help.
The background to it:  My grandmother had a Trust Fund for her 4 grandchildren - my 3 nieces and me - as beneficiaries. It appears that when she passed some 20 years ago It was 'passed on' so that my aunt ( her daughter ) would receive the interest each year while the capital in the fund would be shared between the 4 of us on her death. I have no idea how Trust Funds work so can't argue if that's the normal way or not.
I found out 5-6 months ago I'm one of the four benficiaries but even though I've asked my nieces for info they refuse point blank to discuss it with me other than letting me know that 2 of them are the administrators of the fund but refuse to tell me who manages it, or give me an annual statement etc. I had lost touch with my family for some 30 years so I guess they regard me as an outsider! 
The sum involved isn't life changing, I'm led to believe - by an uncle who is usually on the ball - that the figure is akin to £120K i..e £30K each.
However, whether they like it or not...and I guess they don't! - I am one of four beneficiaries and I would like to know details, not least since I'm touching 70 years old and who knows what the future holds, so the question arises of would my wife or 2 children benefit if I pass away before my aunt and how would I ensure that?
I guess what I would like to know is:
Am I entitled to know the arrangements of the Trust Fund and what information should I be receiving?
How do I go about getting the information since I hit a brick wall when I broached the subject with them?
Do I have to wait until my aunt passes away before I receive my share or can I request it now? ( I don't particularly want or need it just now but I'd rather have this resolved and move on as soon as possible rather than have all this ill feeling aimed at me. )
I hope I don't sound mercenary, I'm not but I do feel I should be privy to as much relevant info as the other 3 beneficiaries despite their refusing to divulge any information to me.
Hopefully someone can help or point me in the right direction.

Thank you.

cloud_dog

Can we assume your 'aunt' is still living?

Albermarle

I am not that well informed about trusts but two questions come to mind.
Have you had any contact with your Aunt on the subject ?
A Trust fund has to be run by a Trustee(s) . When you say your nieces are administrators, do you mean they are the trustees?
I think the problem could be that with a trust fund , the trustees can decide what to do and can ignore the request of the deceased person if they want . Unlike a will , where the executors have to follow the deceased's instructions to the letter .
Better wait for more well informed comments though as I am not sure.

xylophone

Did your grandmother's will create the Trust? Have you seen the will?

If not, and it went to probate, you should be able to obtain a copy. https://www.gov.uk/search-will-probate

 This has the appearance of an "Interest in Possession" Trust.  The will directs that a certain sum is placed in Trust, that the income arising on it should be transferred to a certain beneficiary and that when the income beneficiary dies , the capital sum should be passed to the remaindermen and the Trust comes to an end.
It seems that you and your nieces are the remaindermen.
It also seems that two of your nieces are the Trustees.

drjb9

Any conditions placed on the use of the trust income and capital + the type of trust are frequently set out in the will, so it's essential you get hold of a copy of it. Wills are public documents and anyone can get one although you need details such as date of death and ideally place of death to track down the relvant probate office more quickly.   The will may include you specificallly as a nominated trustee - in which case you have the right to demand involvement and access to the details.  If the trust was not established on death, but during the lifetime of the settlor, there should be a seperate trust document, most likely draw up by a solicitor, but from the info provided, it sounds like the will is the trust document.  The type of trust could be an Interest in Possession Trust, whereby a named persont is entitled to the income (less taxes) for their lifetime  or a specific period (eg until they remarry), or possibly a Discretionary Trust where one or more beneficiaries may receive income at the discretion of the trustees with the primary beneficiary receiving priority or a minimum proportion of income (eg 50%). Several types of trust can be established by virtue of a will and it may be that the dominant operating trust type changes on the death of initial beneficiary.  In the event of your demise whether or not your beneficiaries have any entitlement depends on the type of trust in operation and the details in the will eg whether your 'issue' is entitled to take the share you would have had.  See www.gov.uk for a summary on types of trust and information on obtaining a copy of a will.  The trustee(s) have to submit true and fair annual accounts to HMRC and sign a declaration to that effect, so when you have the details of the will and trustees, and therefore know whether your legal right to information is absolute or moral,  and you may find you have more luck if you can quote the responsibilities of trustees and challenge the 'administrators'/trustees to demonstrate due probity with respect to the distribution of income and submisison of accounts.  You may have to consider a solicitors  letter  ultimately if you get no response.  If you are a named trustee on the will, you should also consider writing to HMRC to ask for a copy of the last six year's accounts although if my experience is anything to go by with recent HMRC queries this is likely to take 4-6 months. Although it's a while since this trust was set up,  there is information on the www.gov.uk website which sets out the ongoing responsibilities of trustees - definately worth checking this out even if the sums available for annual distribution involved are now relatively small due to low interest rates and trust taxation.