I would like to get clarity on the Will below. Here are my questions.
1. In the event that my Mother sells Tilebarn for say 400 and purchases another home for 300. The remaining 100 goes into Trust. What does this mean?. Can Brenda just spend the Money as she wants or does she need to get approval from other trustees.
2. How does the Trust work?. Is Mother in control of spending the trust until she dies then the residual is divided between the sons? or is the Trust in effect and we need to vote on decisions ( eg sale of house )?
3. If Mother cohabits for 3 months or re-Marry does she no longer have access to the trust and what does that mean?
Not really sure. We think so. One of my brothera is also intl the family Business and I think it was also intended to protect that from tax. Again speculation
Couple if clarifying questions..
Can Mum decide what the monies will be spent on independent of the other trustees or does she need a majority vote?
If Mum Cohabits or re-marries then what happens? Is the trust divided between the Sons or is the trust still to be used for Mum?
Need some clarity on the sale of the house.
1. Can mum sell the house without agreement of the other trustees?
2. If mum purchases a new house does the deed go in the name of the trust?
3. Does the deed for the existing property go in mums name or the trust?