Ask a Law Question, Get an Answer ASAP!
Thanks for your question. Please kindly RATE my answer when you are satisfied
Do you know what kind of trust is involved please? e.g. a bare trust, discretionary trust, life trust etc?
Thanks. His rights entirely flow from the type of trust involved. If the trust is a bare trust then he has an absolute right to the monies and can insist that the are delivered to his control
By contrast if the trust is a discretionary trust then the control of the funds is entirely under the discretion of the trustees.
all i know is his sisters husband is one of the trustees andhe is on accountant, there was on ac looking into it
however he wanted 10 per cent of all which is aronnd 170 000
Accordingly the first step is for him to ask for a copy of the trust document in order to ascertain the nature of the trust. If the trustees refuse and application can be made to the courts for disclosure. If the trust is a discretionary trust the judge may not provide a copy to your friend but will satisfy himself that the trustees are acting within their powers. If it is a bare trust then a copy will be disclosed to your friend.
the accountant has done all this my question is how much should the accountant get there is 700000 in his ac plus house 500000 and probably another million in will between the siblings
I regret it is impossible for me to answer that without knowledge of what the trust document contains. Trusts are many and varied and as above you can see that your friends rights can wildly differ depending on the nature of the trust. He may consider questioning the accountant on the above in order to ascertain the type of trust and its contents. If you can find out some more information then I can assist further.
He may be entitled to all the trust money, some of it or none of it depending upon his interest in the trust and the trustees powers.
Would you like to revert to me once you have been able to discover more?
ok just one last question before i get back to you what do you recon is the standard charge for that on average
Sorry could you kindly clarify - charge for what in particular please?
for the accountants part in getting the money into his name
Thanks. This again will depend on the nature of the trust and of course whether it is actually possible. If the trust is a bare trust then the matter is relatively simple and the costs if you were to employ a solicitor (or perhaps accountant though it is more solicitors territory if contentious) may range from £1250-£7500 depending on the level of complexity and litigation required. If it is a discretionary trust then it may not be possible. These figures are very approximate and are of limited use without further information though.
I would be please to continue to assist if you can ascertain some more information along the above lines.
Is there anything above I can clarify for you?