Trust Fund

Nath_2389

Apologies if in the wrong category.

Any advice would be massively appreciated.

When my grandparents died they set up a trust fund and put £30,000 in it. £10k each for me and my 2 siblings to receive when we turned 21.

The person looking after the fund is my Auntie.

When I turned 21 it was quite straight forward and I received it. This is because I still spoke to my Auntie.

When my sister turned 21 (6 years ago), the situation had changed.The family had fallen out and my Auntie refused to give her the money claiming that my sister was incapable of having it (my sister has mild learning difficulties) and tried to claim that my Mother would pressurise my sister into giving it all to her (due to my Mother’s previous history with mismanagement of her finances).

She had to get a solicitor involved and after a horrible battle, the money was finally given about 12 months after her 21st birthday.

The time has come again for my brother to receive his money. He was 21 at the end of August.

He wrote a letter to my Aunt asking for it and gave her a deadline of Friday 24th September. It was sent recorded delivery... We’ve heard nothing and just know it’s going to be a horrible battle again due to my brother’s learning difficulties and she's waiting for us to contact her again I imagine before telling us we cannot have the money.

Any ideas? Thank you

masonic

He should get some legal advice. The particulars of the dispute involving the sister might help his case.

billy2shots

First of all you need to find out exactly what Trust this is. 

A Bare Trust will automatically pass to the beneficiary when asked for after reaching a certain age. 

A Discretionary Trust means the Trustee is allowed to make certain decisions on when to pass the money over and possibly on what the money can be released for. 

DireEmblem

Nath_2389 said:

Any ideas? Thank you

Since you received the first 10k, should the third person not receive more as would have been 'invested' for longer?

Talk to the person first, then follow up by letter for legal purposes again.  Make a note of what they planned to do with the 10k in a document.  Lets say to start investing in a LISA to help build towards a property deposit.  That way if it drags on, and they lose the 25% government deposit they could potentially earn in the 2021/2022 tax year, then you can add that to the claim/leverage to release their funds.