Beneficiary turned 18

Mojisola

naedanger said:

But on a separate matter, by acting upaid the trustee has probably saved expenses that would otherwise have been taken from your daughter's trust fund. (So maybe from the trustee's point of view they are feeling they have received no thanks but only implied complaint.)

If the trustee was reluctant to take on the responsibility, they could have passed the money over to the parent to invest until the beneficiary was 18.  It's not very adult to take on an unpaid role and then get upset at having to do the work.

naedanger

Mojisola said:

naedanger said:

But on a separate matter, by acting upaid the trustee has probably saved expenses that would otherwise have been taken from your daughter's trust fund. (So maybe from the trustee's point of view they are feeling they have received no thanks but only implied complaint.)

If the trustee was reluctant to take on the responsibility, they could have passed the money over to the parent to invest until the beneficiary was 18.  It's not very adult to take on an unpaid role and then get upset at having to do the work.

I think you are reading more into what I wrote than I was saying. I didn't excuse the trustee, I said they should have been ready.

And I said "on a separate matter" precisely because I don't think any lack of thanks justifies providing any poorer a service than had thanks been received. But that doesn't mean, in my view, that the trustees provision of their time for nothing counts for nothing.

Sea_Shell

Maybe they "invested" it in a 5 year fixed term bond?

Oops!!

Joking aside, how financially savvy ARE these trustees?

Will they have made sound judgements, or consulted an IFA?

Let's hope they didn't invest through SJP.

Sea_Shell

brooke68 said:

Mojisola said:

Do you know what they have done with the money?

No, the will stated that they could invest it as they saw fit. They have never disclosed where or how it was being held.

So have your daughter (or yourself) never been provided with any updates or statements showing what's been done with the money?

Have you ever asked?

Surely, even if she can't receive the money until 18, she'd be entitled to be kept in the loop, if she'd asked?

brooke68

Sea_Shell said:

brooke68 said:

Mojisola said:

Do you know what they have done with the money?

No, the will stated that they could invest it as they saw fit. They have never disclosed where or how it was being held.

Has your daughter (or yourself) ever been provided with any updates or statements showing what's been done with the money?

Surely, even if she can't receive the money until 18, she'd be entitled to be kept in the loop, if she'd asked?

No, she has never been told anything at all. We/she have no idea where the money is or how it has been handled.

Sea_Shell

brooke68 said:

Sea_Shell said:

brooke68 said:

Mojisola said:

Do you know what they have done with the money?

No, the will stated that they could invest it as they saw fit. They have never disclosed where or how it was being held.

Has your daughter (or yourself) ever been provided with any updates or statements showing what's been done with the money?

Surely, even if she can't receive the money until 18, she'd be entitled to be kept in the loop, if she'd asked?

No, she has never been told anything at all. We/she have no idea where the money is or how it has been handled.

Did no one ever ask?

brooke68

Sea_Shell said:

brooke68 said:

Sea_Shell said:

brooke68 said:

Mojisola said:

Do you know what they have done with the money?

No, the will stated that they could invest it as they saw fit. They have never disclosed where or how it was being held.

Has your daughter (or yourself) ever been provided with any updates or statements showing what's been done with the money?

Surely, even if she can't receive the money until 18, she'd be entitled to be kept in the loop, if she'd asked?

No, she has never been told anything at all. We/she have no idea where the money is or how it has been handled.

Did no one ever ask?

Foolishly we didn’t. The Will said the trustees could invest the money in any way they wanted to and initially we trusted them to make sensible decisions as they seemed genuine. My son received his share immediately as he was over 18. Any subsequent queries were met with responses along the lines of ‘you’re very lucky to be receiving this money so you should just be grateful’ (not a direct quote but very much the gist) so we didn’t push it any further.

Sea_Shell

Let's hope they've honoured the "trust" in trustee.

warby68

Regardless of the history, 2 days after a solicitor's meeting is no time at all for updates to be received.

HampshireH

I doubt OP will get a response today either being that we are running into a bank holiday weekend. Good excuse.