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Property left partially in trust to me...very confused about how works
Comments
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Update.
Stepmum has now clearly said, the trust - which is named (fathers name) will trust, will no longer exist on new house deeds, as my name will be on the deeds as share owner.
the will says when the fathers trust ends, it goes to me, trust period end means SM's death.
so does this 100% mean, i have to CONSENT to this winding up and for my asset be on her deeds?
as she has deceived me here, she has set it all up with the trustee to end it assuming i will agree, and sign to put asset into new house.
If i decline to sign, the trust (in my fathers name) should roll over and exist on the new property right????
Aunt - singing to wind up the trust, has be led into this by stepmum - thinking I assume that I would be happy for the ending of the trust to then have my asset on her new deeds.0 -
Are you really thinking of doing this without a solicitor? SERIOUSLY?No reliance should be placed on the above! Absolutely none, do you hear?4
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you are absolutley right, Stepmum is now communicating in a very rude way and full declares trust is ending.
It is time0 -
You have repeatedly been told to consult a solicitor. Have you done that yet?
It is in your interest to get proper advice.3 -
DerbyBorn7 said:
There is no way you should even consider being put on the deeds of this property. As you already own a property, then this would be a higher tax rate due to it being a second property for starters, not to mention that if your step mum died, then she would no doubt let her partner inherit her share, so you would be stuck owning 40% of a property and him 60%.Update.
Stepmum has now clearly said, the trust - which is named (fathers name) will trust, will no longer exist on new house deeds, as my name will be on the deeds as share owner.
the will says when the fathers trust ends, it goes to me, trust period end means SM's death.
so does this 100% mean, i have to CONSENT to this winding up and for my asset be on her deeds?
as she has deceived me here, she has set it all up with the trustee to end it assuming i will agree, and sign to put asset into new house.
If i decline to sign, the trust (in my fathers name) should roll over and exist on the new property right????
You need to seek the advice of a solicitor IMMEDIATELY. I would also put in writing to your step mum that you do NOT consent being on the deeds of any property with her.
If I were you, I would make an offer. I would put it in writing that for the sum of £XX,XXX (state what the 60% share is worth, but then make it clear that the much lower sum you are asking for is reflecting the lifetime interest she had in the property) you are happy to dissolve the trust then walk away. Put the offer on the table for 60 days.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)2 -
What should happen in an ideally managed trust seems irrelevant here - and trying to take action against a mismanaged trust is not easy. As everyone says, you need legal advice and support.DerbyBorn7 said:
If i decline to sign, the trust (in my fathers name) should roll over and exist on the new property right????
Aunt - singing to wind up the trust, has be led into this by stepmum - thinking I assume that I would be happy for the ending of the trust to then have my asset on her new deeds.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Also Capital Gains Tax, which I believe you are insulated from with a life interest trust. Are your children, who were mentioned in the trust, under or over 18 at the moment? Because under 18s have very strong legal protection and cannot sign away their rights or anything to reduce their entitlement, and nor can anyone on their behalf.pinkshoes said:DerbyBorn7 said:There is no way you should even consider being put on the deeds of this property. As you already own a property, then this would be a higher tax rate due to it being a second property for starters, not to mention that if your step mum died, then she would no doubt let her partner inherit her share, so you would be stuck owning 40% of a property and him 60%.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
My children, are both under the age of 11.
What does this mean if the will says 25% of current trust goes to them when it ends?
Does that cause further barriers / hurdles ?
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Please, please please, get a SOLICITOR. You and your children are losing out bigtime here. You NEED to get proper legal adviceDerbyBorn7 said:My children, are both under the age of 11.
What does this mean if the will says 25% of current trust goes to them when it ends?
Does that cause further barriers / hurdles ?Credit card debt - NIL
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 20361 -
Just to confirm that the executors and trustees cannot do anything that adversely affects the inheritance of your children. Neither you, aunt or SM can legally do that as they are under age.
You need a legal letter sending to SM urgently.If you've have not made a mistake, you've made nothing1
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