Trust split

Duratech

Hi, first post so try be kind

My mother passed away a few months ago and left her will basically to me and my brother (50/50). With an additional £5k being left to our step brother, her father died some time ago (+10 years).

As it unrolled, the house had been mortgaged at his time of death (around 30k was invested with a 60k mortgage). My mother then inherited a considerable sum around 9 years ago, paid the mortgage off and placed the property into trust. The trust being clear, both my brother and I are 50% trustees. A long story short, he made efforts to force a change in the trust and the will to ensure our step borther got more and was told quite frankly that he had no grounds to demand such a change. To this end he then went into full idiot mode and now refuses to sell the property.

I want out of the trust as I can ill afford additional bills, council tax and insurances for the upkeep of a property I want my money out of (as was desired by my mum). I have no wish to rent the property and become embroiled with all the hassles that go along with that, not to mention being tied to a business where an idiot has a 50% input! I am more than happy to sell my share of the property to him to allow me to 'get out. At the going market rate.

Any idea how I force the sale?

 

Marcon

If your brother is so keen for your stepbrother to have more, then he could always share his inheritance, but somehow I feel that won't solve the matter.

Could you 'persuade' your brother to see sense by offering your stepbrother a modest part of your inheritance, however much you'd sooner not? Ultimately the alternative is to get a sale ordered by the court, which will delay thing and cost money, so it's worth thinking about.

Duratech

This is in trust and a trust is fairly much tied down. Are you saying you would condone going against my mothers will and trust directions?  Interesting thought but wont happen I am afraid. I do not speak to him, it affects my health when i do. My mum was fairly set what she wanted done. That must be honoured.

I was given some info that if I go to court and win (seemingly due to stated cases I cannot lose), he will face a hefty bill, not me? If I ever manage to get a solicitor I may find out.

xylophone

 Could I just clarify, when you say her father, do you mean her husband  (your stepbrother's father)?

At all events, your mother was (or became) the sole owner of a mortgaged property - she was able to pay off the mortgage around nine years ago and at around the same time, gifted the property into Trust.  You and your brother are the Trustees of the Trust . What kind of Trust is it?  Who are the named  beneficiaries?


The property in the Trust could not be left by your mother in her will. The Trust is a separate legal entity and the legal owners of  property within the Trust  are the Trustees.  They are bound by the  terms of the Trust Deed as to their powers relating to Trust assets and how they may be applied for the benefit of the beneficiaries.
And Trustees must be unanimous.

You may wish to consult a STEP solicitor as to the way forward.

https://content.step.org/step-directory

naedanger

Duratech said:

Hi, first post so try be kind

My mother passed away a few months ago and left her will basically to me and my brother (50/50). With an additional £5k being left to our step brother, her father died some time ago (+10 years).

As it unrolled, the house had been mortgaged at his time of death (around 30k was invested with a 60k mortgage). My mother then inherited a considerable sum around 9 years ago, paid the mortgage off and placed the property into trust. The trust being clear, both my brother and I are 50% trustees. A long story short, he made efforts to force a change in the trust and the will to ensure our step borther got more and was told quite frankly that he had no grounds to demand such a change. To this end he then went into full idiot mode and now refuses to sell the property.

I want out of the trust as I can ill afford additional bills, council tax and insurances for the upkeep of a property I want my money out of (as was desired by my mum). I have no wish to rent the property and become embroiled with all the hassles that go along with that, not to mention being tied to a business where an idiot has a 50% input! I am more than happy to sell my share of the property to him to allow me to 'get out. At the going market rate.

Any idea how I force the sale?

 

What does the trust deed say should happen if the trustees fail to agree on a course of action? 

Duratech

xylophone said:

 Could I just clarify, when you say her father, do you mean her husband  (your stepbrother's father)?

At all events, your mother was (or became) the sole owner of a mortgaged property - she was able to pay off the mortgage around nine years ago and at around the same time, gifted the property into Trust.  You and your brother are the Trustees of the Trust . What kind of Trust is it?  Who are the named  beneficiaries?


The property in the Trust could not be left by your mother in her will. The Trust is a separate legal entity and the legal owners of  property within the Trust  are the Trustees.  They are bound by the  terms of the Trust Deed as to their powers relating to Trust assets and how they may be applied for the benefit of the beneficiaries.
And Trustees must be unanimous.

You may wish to consult a STEP solicitor as to the way forward.

Correct our step brothers father yes. He has been told he has no claim over any of it as was sorted out the time of his father (our step fathers) death.

My brother and I are the 50/50 trustees and beneficiaries, nobody else is named or involved.
Correct, this is separate from the will. 

Thats what I was looking for, a STEP solicitor, spot on. I know I can sell but it is getting it to that stage without making it no longer cost effective. My mother would be so depressed with what he has done as she fully expected the property to be sold and split. I was against the trust in the first place as I saw no need to waste all that money. I actually never agreed with any of it! But I assume I must have signed something in the end. I cant remember and the solicitor who has been dealing with the trust has been less than helpful! 

Duratech

naedanger said:

Duratech said:

Hi, first post so try be kind

My mother passed away a few months ago and left her will basically to me and my brother (50/50). With an additional £5k being left to our step brother, her father died some time ago (+10 years).

As it unrolled, the house had been mortgaged at his time of death (around 30k was invested with a 60k mortgage). My mother then inherited a considerable sum around 9 years ago, paid the mortgage off and placed the property into trust. The trust being clear, both my brother and I are 50% trustees. A long story short, he made efforts to force a change in the trust and the will to ensure our step borther got more and was told quite frankly that he had no grounds to demand such a change. To this end he then went into full idiot mode and now refuses to sell the property.

I want out of the trust as I can ill afford additional bills, council tax and insurances for the upkeep of a property I want my money out of (as was desired by my mum). I have no wish to rent the property and become embroiled with all the hassles that go along with that, not to mention being tied to a business where an idiot has a 50% input! I am more than happy to sell my share of the property to him to allow me to 'get out. At the going market rate.

Any idea how I force the sale?

 

What does the trust deed say should happen if the trustees fail to agree on a course of action? 

As I have said in the previous post, the solicitor holding the trust deed has been less than helpful. All I have got is speak to another solicitor! Not very helpful at all.

naedanger

Who is the solicitor that you have been speaking to acting for? (Who is paying for his services your brother or the trust?)

Duratech

Well the trust solicitor is being paid for by the trust, although the only value in the trust is the property. So in the long run we will both end up paying I assume. When I get my own solicitor i will be paying them to get this sorted. All he needs to do is agree to sell the property, which, I believe he will have no choice but to do that if I want out of the trust.

Duratech

naedanger said:

Who is the solicitor that you have been speaking to acting for? (Who is paying for his services your brother or the trust?)

but the problem I am having is i dont know where I stand. Not clearly. I dont understand why the trust solicitors will not sell in fact they are trying to make me rent the property! I don't want the hassles of renting nor do I wish to go into business with someone I do not trust or want to spend time with! 

xylophone

I dont understand why the trust solicitors will not sell i

You have stated that you and your brothers are the Trustees of the Trust.  What does the solicitor have to do with the matter? He acts on your instructions?