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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69258
Experience:  Over 5 years in practice
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1. As one of three beneficiaries of a trust fund set up on

Customer Question

1. As one of three beneficiaries of a trust fund set up on my fathers death 4 years ago are any of us entitled to ask or should we be informed about how the trust fund is managed or its plans, of the income of the fund and the costs involved in the management of the trust fund?

The interest of the trust fund goes to provide for my mother; my elder sister is my mother’s power of attorney along with mother’s solicitor (or one from the same practice). Two of the solicitors of that practice are also trustees of the trust fund along with a stockbroker.

My mother has recently decided to go and live in a nursing home, she is well and has good mental health capacity, however she is choosing to no longer live at home and wants to be looked after, she is 78 years and has had a recent hospital admission and been treated for perforated gastric ulcer, she has made a good recover.

2. The trustees propose to sell the property and use the money or the interest of the money to support my mother living in the nursing home. My sister has advised me that they only want to raise £500,00.00 from the sale of the property, however it is considered that the property has a value nearer £700-750,00.00.
Are we, the beneficiaries, allowed to have any input into their decision making around the value or sale of the property?

There is a rift in the family, more so after my father’s death and communication between us is fraught.

Can you advise where we can seek advice/guidance with regards XXXXX XXXXX matter?
Submitted: 3 years ago.
Category: Law
Expert:  WendyW-Mod replied 3 years ago.
Hi, I am a moderator for this topic. I've been working hard to find a Professional to assist you right away, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 3 years ago.

I wonder if you have found anyone to assist me with my querry


Many thanks



Expert:  WendyW-Mod replied 3 years ago.
Hi Jenny,

Thank you for your patience. We will continue the search for a Professional for you.

Expert:  Jo C. replied 3 years ago.

I will try to help you with this.

Firstly, let me tell you that getting solicitors to
administer a trust fund can be horrendously expensive. The one advantage is
that the firm of solicitors is always going to be there and it will still be
dealt with if the trustees fallout, but it is expensive. In addition, they are
disinterested in the matter, provided of course that there is enough money for
them to get paid!

They are under a duty to act in the best interest of the
beneficiaries and that entails, if they are selling your house or disposing of
any other assets, to get the best price.

You seem to be particularly concerned about the house and it
would seem rightly so. But, whilst I accept that it may be valued at 750,000 it
is how much it would realise on an actual sale ever sale is required relatively
quickly, what its real worth is.

You are entitled to know exactly what money has come in and
what money is going out and to have sight of the annual accounts.

With regard to the sale of the property, you are entitled to
know what is going on with it, but the trustees are entitled to ignore your
representations. On the other hand, if you think the trustees are in breach of
their duty to you can threaten to remove them which needs a court application,
you can complain to the firm's Complaints Partner and if that does no good, you
can complain to the Solicitors Regulation Authority/ Legal Complaints Service.

Can I assist you any further?

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