Beneficiary turned 18

Sea_Shell

JamoLew 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.

Hate to say this - but there could be no money left (easily done if they don't have a clue what they are doing)and they are just afraid/embarrassed to admit it

IF (and it's a big if) this turns out to be the case, can the daughter sue the trustee personally for mishandling of the funds.   Especially if it turned out that they have invested in non-main stream products/funds/platforms.

AIUI Trustee liability insurance is a thing, but I'm betting they didn't have any.

xylophone

Re claims against Trustees.
https://www.irwinmitchell.com/personal/will-trust-estate-disputes/trust-disputes/trustees

Sea_Shell

Also if the trustee is now consulting a solicitor, who's paying for that?

Sea_Shell

If the death was 3 years ago, and if the trustee had sought any financial advice, then for such a short time frame, INVESTING the money really should not have been on the table, as the risk of a loss over that time frame is much higher than it would be if they were working with, say, 10-18 years.   

A fixed term savings product or premium bonds would have been more appropriate.

However, in hindsight, the last 3 years HAVE made money for many mainstream investment funds, so the balance should be more than they started with.    How much did they start with?

brooke68

Sea_Shell said:

Also if the trustee is now consulting a solicitor, who's paying for that?

Would she need to consult a solicitor ordinarily? I really know nothing about all this. 

Sea_Shell

brooke68 said:

Sea_Shell said:

Also if the trustee is now consulting a solicitor, who's paying for that?

Would she need to consult a solicitor ordinarily? I really know nothing about all this. 

I wouldn't have thought so.  If the money is under their control and the beneficiary is now 18, then what is there to discuss??

They simply need to cash in any investments, and or arrange for all monies to be transferred to your daughter.

It should be that simple AIUI.*

I'm assuming they have her account details?


*If it isn't that simple, I'm sure someone else will be along to advise shortly 😉.

Maybe they have to "officially" wind up the trust?

brooke68

Sea_Shell said:

brooke68 said:

Sea_Shell said:

Also if the trustee is now consulting a solicitor, who's paying for that?

Would she need to consult a solicitor ordinarily? I really know nothing about all this. 

I wouldn't have thought so.  If the money is under their control and the beneficiary is now 18, then what is there to discuss??

They simply need to cash in any investments, and or arrange for all monies to be transferred to your daughter.

It should be that simple AIUI.*

I'm assuming they have her account details?


*If it isn't that simple, I'm sure someone else will be along to advise shortly 😉.

Maybe they have to "officially" wind up the trust?

They do have her bank details, yes.

Sea_Shell

How many trustees are there?  Maybe they have to act jointly, so all have to sign paperwork, or go to the bank together.

Maybe one of them is sick, or otherwise incapacitated?   Or worse!! 😱

xylophone

 There are two trustees, the new partner and her friend but we have only ever dealt with the friend. 

Both are equally responsible for the  management of  the Trust.

Perhaps they took the advice of a solicitor on setting up the Trust and are now waiting for his advice on winding it up?

brooke68

xylophone said:

 There are two trustees, the new partner and her friend but we have only ever dealt with the friend. 

Both are equally responsible for the  management of  the Trust.

Perhaps they took the advice of a solicitor on setting up the Trust and are now waiting for his advice on winding it up?

Is there a reasonable timeframe that should be allowed for this? Should it not have been sorted out in the run up to my daughter’s birthday?