Property left partially in trust to me...very confused about how works

GDB2222

If this goes to court, and God help you if it does, the Aunt will be separately represented. She will almost certainly be awarded indemnity costs out of your trust fund. So, between you and SM, you will be paying somewhere between £10-50k for her to be represented. Even if you win, you'll be paying a large chunk of that.

People who do well in court tend to be articulate, concise, and able to understand their case, as well as the documents involved.

sheramber

DerbyBorn7 said:

I am meeting step mum to say i do not and will not invest with her and new husband,

Step mum is in a catch 22 -  because to get back a legal gift, she would need it wound up, thats the only option, if wound up before a move, assetts to be and I gift...

the other more wonky scenario is this.

If SM and aunt do move the trust to the bigger property, the trust still owns its true share - not reduced. So , as SM wants the share reduced. the only way to do that would be to wind up the trust - so i then appear on the deeds, but of course owning a smaller share (as the gift would be deducted). I could refuse a smaller share, but, SM could then not agree to wind up and 30 years could fly by.

however, once trust is over / ended, I would be legal owner of the share,so i would pull out, IE apply to the court to force sale to get my share out as soon as possible.

with this latter - most undesirable situation - how easy is it to force a sale? as i would do it the moment I was on the deeds....

When i talk with SM, I will make clear that is what I would do, so it might prompt her to wind up now before the move, and part ways as I can gift... the other version to force sale, is long winded - but would defeat the object of her getting the new house in the first place. But I realise today this could be something to take place.

I am also considering the lines of breach of trust - as I have emails from SM (trustee) which are defintley not carrying out true trustee duties - but i will put that sh*t show on the back burner for now. thats for if things really get more tricky.

any knowledge of forcing a sale of of a property to obtain your own share?

Do not complicate things with scenarios that might never happen.

Stick to the facts- you will not end the trust, end of the matter.

If step mum comes up with other suggestions then deal with them at that time. Stop trying to be clever and pre empt what might or might not happen.

DerbyBorn7

Yes the court fees around the breach of trust angle isn't In reality a viable option.

What would it gain ? For the trust to be ended by the court ? The gift amount and more would be likely taken by the process.

And SM is already at the stage of winding up....so that is the footing that needs to be managed here...everyone needs to walk away.

No wind up no gift,  its really that simple here now .

Sm yet to be met...avoiding me. 

DerbyBorn7

Met with SM today. Via questioning she tried to tell me the trust is carrying over , with new trustees. She basically lied and kept up the spin until I told her I had hired a solicitor and I know she's winding it up. Meaning it's my asset and I choose , and I choose not to invest . She then told me the buy will now collapse and has already sold..and admitted it was going to wind up. so  she was completely exposed. The moment I said I had a lawyer who has confirmed she gave up the lies and the power balance shifted quickly.

It was all about the gift....wanted that back and wanted also to make me believe she could invest my assets.  My offer was wind up, once done. I'll gift you and we all walk away.

Awaiting response. But at least I have the truth now. She turns out she couldn't even buy new place without terminating trust....but she had misled aunt of the trust carrying over...and smoke and mirrored me into presenting it as a life interest trust carry over.

Haven't got the cash to pursue her for that ...but...the offers been made.

If she runs with trust....then action could follow. We'll see. But she needs the gift back so I reckon she'll stick to the trust ending...

theoretica

If that trust is winding up, remember that it does not all become yours - hopefully that is just shorthand writing - because your children (and any unborn future children) are entitled to their quarter of the full share.  You will probably need to look at setting up that portion into a new trust.

DerbyBorn7

Absolutely.  The way I am seeing this is this is all for them and their future.