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

TripleH

@canaldumidi I would also be interested in this. I know nothing stops beneficiaries from seeing the trust deed but whether they have a legal right to see it is another thing.

GDB2222

TripleH said:

@canaldumidi I would also be interested in this. I know nothing stops beneficiaries from seeing the trust deed but whether they have a legal right to see it is another thing.

Surprisingly, beneficiaries do not have the right to see the trust deed. 

Of course,that’s not a problem in this case, as the OP has the will from the Probate Registry. So, I can’t see why the question has arisen, as there won’t be some other hidden document. 

What the op needs is professional advice. 

sheramber

DerbyBorn7 said:

good question,

as the existing trust dad left is (allegedly ) set up for me. - if shes saying she wants to appoint a solictor to draw up a new trust (with consent of the executor / trustee etc) which changes things, where me, her and her new husband are on deeds as tenants in common (me 40, them 30 / 30) on the new house from selling the current one- then surely I am sensible and reasonable to request to see the existing trust, before signing anything?

is me asking to see that a bad thing, or sensible and reasonable given such a big proposal? She will have it (the existing trust) and so will my aunt, (my aunt doesnt speak to me though!)

for all i know, there are restricttions in that trust that are of importance?

You need to ask a solicitor all these questions.

Write them down before you go so you don't forget any.

DerbyBorn7

The life interest trust was set up months after the will. 

Is it absolute fact that no additional terms/ clauses can exist in the trust, purely because the will doesn't show the clauses / terms ? 

There is mixed opinion on this it seems. as its also said a trust can contain clauses / terms that the will doesn't show. The will says the trust is set up on death. The trust document then surely sets the controls on the trust ?

I see a solicitor next week to pose the question to.

I'm.very curious how this trust could have prevented q couple of house sales as ithe trust has allegedly been 'a nightmare ' .how could a trust do that i wonder. Makes me wonder is it a clause does present a new issue due to her husband merging with the sum ? Hmmm

SusieT

DerbyBorn7 said:

The life interest trust was set up months after the will. 

Is it absolute fact that no additional terms/ clauses can exist in the trust, purely because the will doesn't show the clauses / terms ? 

There is mixed opinion on this it seems. as its also said a trust can contain clauses / terms that the will doesn't show. The will says the trust is set up on death. The trust document then surely sets the controls on the trust ?

I see a solicitor next week to pose the question to.

I'm.very curious how this trust could have prevented q couple of house sales as ithe trust has allegedly been 'a nightmare ' .how could a trust do that i wonder. Makes me wonder is it a clause does present a new issue due to her husband merging with the sum ? Hmmm

A solicitor is the best person to ask, go through this thread and write down all the questions that you have and that have been asked by others so that you do not miss anything. Without knowing the exact wording of both the will and the trust (and the meaning of the terms in a legal sense rather than what a layman may think it means) it is all guesswork as each trust will contain different terms that are personal to the wishes of the deceased. However, if the trust has been a nightmare and prevented previous sales, it has probably been set up very carefully and thoroughly so that you are well protected by it, hence people here saying that you should not sign anything, or verbally agree anything without consulting a lawyer who knows these type of trusts. If your aunt, step mother or their solicitor say anything to you or contact you in any way about it, just tell them their solicitor will need to speak to your solicitor and that any or all discussion is to be through them. You do not want there to be a possibility of you saying anything that could be construed as accepting or agreeing anything at all.

hazyjo

Someone mentioned it earlier, and it's also why I think she wants a new Trust, I bet there's a clause saying she loses her right to stay there if she remarries or moves someone in.

It's a common clause and one I'll be implementing when I get round to sorting mine. Needless to say my partner doesn't agree with it 🤦🏼‍♀️

canaldumidi

I also don't understand how she can replace the trust.

Sure she can set up a new trust (just as you or I could set up any trust we want at any time). But that does not in any way delete, over-rule, or replace the existing trust.

Trustees cannot just go changing the terms of a trust or replacing it willy nilly!

Surely?

GDB2222

canaldumidi said:

I also don't understand how she can replace the trust.

Sure she can set up a new trust (just as you or I could set up any trust we want at any time). But that does not in any way delete, over-rule, or replace the existing trust.

Trustees cannot just go changing the terms of a trust or replacing it willy nilly!

Surely?

There’s a famous case, Saunders v Vautier. If all the beneficiaries agree, the trust can be altered or brought to an end.

That requires all beneficiaries to be over 18. Sometimes, there are minor or even unborn beneficiaries, who cannot give consent. 

For example, if the OP dies before step mum, the will may say that the OP's children become entitled to her share. They may be under 18, and if she’s of child bearing age, there’s the possibility that she could have more children. If the will says that, it may be very difficult to alter the trust.

As I said, if the op wants to type out the whole will verbatim… Otherwise, this is all a total waste of time, as it all depends on the wording.

Mojisola

hazyjo said:

Someone mentioned it earlier, and it's also why I think she wants a new Trust, I bet there's a clause saying she loses her right to stay there if she remarries or moves someone in.

This is what I thought, too.

It certainly would explain why she doesn't want the OP to see the trust documents.

canaldumidi

makes sense with the provisoof all beneficiaries giving consent.

As others have said, important OP does, says, signs, agrees nothing before taking legal advice.