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Entitled to sell house?
Comments
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Thanks again GDB2222. I appreciate your advice, and yes, I will definitely get legal advice!
I've looked at the will, and it states that "When the trust ends my beneficial interest in the House and the Effects shall pass to my son (yours truly) provided always that if he should die before attaining a vested interest in this bequest then his children take an equal share".0 -
Just another note in my late father's will...
"I give my beneficial trust in the house [so on and so forth] to my trustees to hold them on trust for sale...".
From what I've researched, these are 'trusts for sale', and whilst this does not mean the trustees are obliged to sell immediately the phrase means the trustees have the power to sell" (my mother and I being trustees).
Is my understanding correct? If so, it's one less sleepless night for me.0 -
You would be better consulting a trust lawyer rather than anonymous persons on a forum who can only give you their opinion.0
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I don’t think there’s much point quoting excerpts from the will. Someone, preferably a qualified person, needs to read the whole thing and explain what you can do.MartinW6 said:Just another note in my late father's will...
"I give my beneficial trust in the house [so on and so forth] to my trustees to hold them on trust for sale...".
From what I've researched, these are 'trusts for sale', and whilst this does not mean the trustees are obliged to sell immediately the phrase means the trustees have the power to sell" (my mother and I being trustees).
Is my understanding correct? If so, it's one less sleepless night for me.It would be unusual for the trust to prevent the house being sold, so I expect that there’s no problem. However, you then need to think about what to do with the sale proceeds, and the trustees need advice on that. There may be power to advance part of the money to beneficiaries, and you need to think about whether to do that. In other words, this would be a great opportunity to review the entire trust.No reliance should be placed on the above! Absolutely none, do you hear?3
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