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

doodling

Hi,

It is unusual for there to be a separate trust document for a life interest trust if the life interest is created by a will.

The will should detail the basis of the trust and any additional document shouldn't be required, at the very least it shouldn't disadvantage you compared to the provisions in the will.

If you are the sole beneficiary then you can accept whatever changes to the trust you and the widow want, but that is probably not a good idea without legal advice.

I've always thought clauses attempting to penalise remarriage are rather old fashioned but each to their own. If there is such a clause, it would be in the will which is a matter of public record so the OP can tell us, unless the trust was set up before the father's death (again unusual, but not impossible).

The original poster needs legal advice. They also need to get a copy of the will from the UK gov website, ideally before they see a solicitor, so they can ask relevant questions.

GDB2222

The op said that he/she has a copy of the will. 

doodling

Hi,

GDB2222 said:

The op said that he/she has a copy of the will. 

Which is great but if we don't know what is says then we can't really help further.

DerbyBorn7

Sadly the final 1 or 2 pages of the will are missing. Scanned wrong at the gov dept. It mentions property into trust.  Which has happened. 

Several months after the will was written the trust deeds were agreed for the property. As shown in my previous post the public deeds state a restriction and mentions the trust.? So this document should show the actual trusts share ( as so far the share left is only verbal ...how can I agree anything over verbal figures ? The trust document the deeds refers to should reveal if any clauses were put in if there are any? Sounds doubtful...but...surely a chance? 

I feel suspicious that it needs to change prior to selling ...and previous sales went wrong due to trust ...

Mojisola

DerbyBorn7 said:

Several months after the will was written the trust deeds were agreed for the property. As shown in my previous post the public deeds state a restriction and mentions the trust.? So this document should show the actual trusts share ( as so far the share left is only verbal ...how can I agree anything over verbal figures ? The trust document the deeds refers to should reveal if any clauses were put in if there are any?

Shares aren't usually shown on these documents - that's why you need to see the original will and the trust document.  Unless there is clear evidence otherwise, the ownership would be taken to be equal shares.

The restriction ensures that one owner can't sell the property without the agreement of the other.

It would be worth you registering for notifications from the Land Registry - https://propertyalert.landregistry.gov.uk/

DerbyBorn7

Thank you. Does the occupier get notified a property alert is on their property? Or will she have no idea I have set an alert ?

canaldumidi

DerbyBorn7 said:

Thank you. Does the occupier get notified a property alert is on their property? Or will she have no idea I have set an alert

You will get an alert if any activity ocurrs.No one will know you have set up an alert.

theoretica

Ways I can think of the trust being a nightmare for selling include:

The aunt who is a trustee not wanting the hassle of the sale and new property - the solution would be a replacement trustee.

The trust giving the OP 60% of the house value, without any allowance for dad's widow to increase her share by putting money into the property.

The trust not allowing for transfer to a property which has a third owner too, or other complication around remarriage.

So not really a nightmare for selling - but for the onward transaction of buying.

DerbyBorn7

Thatw really helpful. Thank you.

With ref to my step mum asking me to reduce my share of the property due to 'renovation ' work.... can I just out right blank this and say I won't want to get involved and she'd need to put the figures to the executor / trustee my aunt ?

As, I don't own the share...the trust does...so surely that reduction 'paperwork' should go 'officially ' through the trust itself ?

I'm thinking of a gameplay as fhe reduction proposal is a convenient way to dismantle and change at the same time....

So a) I refuse to sign and change it...
if you wanna reduce shares...approach who owns the trust..not me ?!

theoretica

I would not be surprised if the trustees do not have the power to agree a reduction in % for past renovation work - they legally need to act in the best interests of the trust, even when it seems greedy.

It seems to me that step mum has come up with a list of everything that would be best from her point of view - if you say that no, you prefer the trust to continue, your interests are protected, but for the future.  If you might be open to her buying you out I think it would be very reasonable to say that you don't feel you can discuss anything until you have a copy of the trust for reference. And also if she has come up with her wish list to her advantage - what is your wish list and how would you benefit from the changes?