Beneficiary turned 18

Mojisola

RetSol said:

Or they are elderly, have little experience of acting as trustees, are not enamoured of the responsibility, want to consult solicitors to ensure that their backs are completely covered, are waiting for the solicitors' advice, have to complete some admin themselves in order to wind up the trust and don't like being pestered.

It is a little over 3 weeks since the original post.  That's less than the blink of an eye in world of trusts and probate.... 

So why wouldn't they just say that's what is happening?

It's the refusal to communicate that would have me really worried.

brooke68

RetSol said:

Either they’ve been dipping in or they have serious issues. 

Or they are elderly, have little experience of acting as trustees, are not enamoured of the responsibility, want to consult solicitors to ensure that their backs are completely covered, are waiting for the solicitors' advice, have to complete some admin themselves in order to wind up the trust and don't like being pestered.

It is under 3 weeks since the original post.  That's less than the blink of an eye in world of trusts and probate.... 

Apparently one was chosen because of her previous career as a legal secretary. 

We have said all along that we don’t expect things to be finalised immediately. My daughter does have a right to know what’s happening though. If not ‘enamoured with the responsibility’ they should not have accepted the position.
The way they are behaving is, at best, rude and, at worst, highly suspicious.

xylophone

You said in an earlier post

I would be really interested to know this. The reason my daughter contacted the trustee prior to her birthday was to ask if she needed to provide any documentation. When £5.5k was released from the trust early (for educational purposes), that was done within days of the request with no documentation at all.

It would appear therefore that at least some of the Trust Fund was easily accessible/relatively liquid.

Something that occurs to me in this connection is that if my earlier interpretation was correct (ie that the Trust was not a bare Trust and your daughter could only take a vested interest when she actually reached the age of 18), then this was not strictly correct management by the Trustees?

That said, as one of those Trustees was the residuary beneficiary of the Trust Fund if your daughter died before the age of 18, I suppose it could be regarded as a generous gesture on her part (although the other Trustee (the legal secretary ?) would also have had to agree to it.

At all events, as you are consulting a solicitor with relevant  experience, presumably all will become clear in due course.

brooke68

RetSol said:

It is under 3 weeks since the original post.  That's less than the blink of an eye in world of trusts and probate.... 

How long would you estimate it to take? (Genuine question as I have no frame of reference)

Sea_Shell

brooke68 said:

RetSol said:

It is under 3 weeks since the original post.  That's less than the blink of an eye in world of trusts and probate.... 

How long would you estimate it to take? (Genuine question as I have no frame of reference)

I'm sure RetSol will advise, but this isn't about getting probate or settling an estate, or setting up a trust.  That bits already done and dusted.   And yes, some estates can take years to finalise and pay beneficiaries!!!

I would have thought that winding up a trust, would be much simpler (and quicker), and could have been sorted by now, IF the trustees were on the ball, and had everything tee'd up and ready to go once daughter reached 18.   It was not an unknown factor, sprung on them with no notice!!!

Personally, I'd not wait around giving them "time", as the longer this drags on the messier it may become.    

If the worst has happened and there has been fraudulent use of the funds, then you need to start gathering as much evidence and proof as possible, just in case this needs to be reported as such.

HampshireH

RetSol said:

Either they’ve been dipping in or they have serious issues. 

Or they are elderly, have little experience of acting as trustees, are not enamoured of the responsibility, want to consult solicitors to ensure that their backs are completely covered, are waiting for the solicitors' advice, have to complete some admin themselves in order to wind up the trust and don't like being pestered.

It is under 3 weeks since the original post.  That's less than the blink of an eye in world of trusts and probate.... 

A response to that effect would be the norm. Blocking all contact and means of contact would make anybody worry.

This is clearly a substantial amount of money. As the trustee was meant o have seen their solicitor 3 weeks ago you would expect and update of some sort even if not a definitive date for release. 

Just the confirmed balance owed would be something.

OP did your husband not speak to the solicitor last week when planned? I think my letter to them would be indicate my intention to turn it into a police matter if evidence of this money  wasn't forthcoming showing the correct balance due. I accept it is too early to go down that route but ultimately that's where it will end up if it's turned into a landscaping project and a new 3 piece suite for the trustee.

What I don understand is how a trustee can just use money. As they please. Surely there are checks and measures in place with these things?

Sea_Shell

HampshireH said:

RetSol said:

Either they’ve been dipping in or they have serious issues. 

Or they are elderly, have little experience of acting as trustees, are not enamoured of the responsibility, want to consult solicitors to ensure that their backs are completely covered, are waiting for the solicitors' advice, have to complete some admin themselves in order to wind up the trust and don't like being pestered.

It is under 3 weeks since the original post.  That's less than the blink of an eye in world of trusts and probate.... 

What I don understand is how a trustee can just use money. As they please. Surely there are checks and measures in place with these things?

That's the problem that I don't think there are!!!  Who do you report it too?    If they have access to the funds, and have the authority to withdraw them, you are relying on "trust" for them to not STEAL the money.    It is up to the victim of a crime to report it, and try not to get fobbed off by the police that it is a "civil matter".   You'll need some proof first though. 

The other alternative, is that they've just been negligent with the money, and invested it in Nigerian cark parks, or a scammer or  something, and the money has gone!!

In either scenario, actually getting any money back, after possibly lengthy legal battles, is not guaranteed.   Sadly. 


Gosh, I really do hope that there is a more palatable reason for their behaviour!   Fingers crossed!!! 

RetSol

How long would you estimate it to take? (Genuine question as I have no frame of reference)

It's as long as a piece of string, I'm afraid, @brooke88. 

I appreciate that the trustees are being unhelpful to the point of awkwardness but it does not necessarily mean that they are fraudulent. 

These are difficult times, particularly for the elderly.  We are all in a heightened state of anxiety and it affects our behaviour. 

Sea_Shell

RetSol said:

How long would you estimate it to take? (Genuine question as I have no frame of reference)

It's as long as a piece of string, I'm afraid, @brooke88. 

I appreciate that the trustees are being unhelpful to the point of awkwardness but it does not necessarily mean that they are fraudulent. 

These are difficult times, particularly for the elderly.  We are all in a heightened state of anxiety and it affects our behaviour. 

Lets hope you're right, and there is nothing untoward going on.

But it's easy to say "be patient", when it's not your ££££££ that's gone AWOL.    (we don't know whether its £1000, £10,000 or £100,000, as I don't think the OP has said)

And it is currently AWOL, as the OP has no proof that the money exists, as they have no statements or any other documentation with proof of balances etc. just the original will and probate to go on.

brooke68

My husband just received a message from one of the trustees to say that she hadn’t replied because the matter is in the hands of the police. Looks like all our worst fears were right. For obvious reasons, I won’t be posting any further updates. Thank you to everyone who has tried to help.