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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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Can you tell me what this actually means as requested by the

Customer Question

Can you tell me what this actually means as requested by the public guardian.
"As the sum of £ ? of Mrs ? funds was used on building work at ? that her investment is reflected by way of a beneficial interest at ?.This will be in Mrs ? best interests as there is the likelihood that funds will be needed in the near future towards her care fees".

What is the difference between BENEFICIAL INTEREST and DECLARATION OF TRUST regarding the aforementioned quote.
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,

A beneficial interest normally arises when the legal interest is held by someome else in trust for the beneficiary e.g. a property is registered in the name of AN who holds the legal interest and the beneficial interest vests in SN.

A declaration of trust usually gives rise to a beneficial interest as the trustee holds the legal interest and the beneficial interest vests in the beneficiary.

Hope this clarifies
Customer: replied 2 years ago.

Still not clear,


Is the registered owner/the legal owner AN mentioned in the first paragraph,also be the trustee.


SN provided money for the building work,which was given as a gift unfortunately this cannot be proved as that person has dementia.Would the declaration of trust produce the same beneficial interest as mentioned in paragraph one.Must this money be repaid.

Expert:  UKSolicitorJA replied 2 years ago.
Yes, AN the registered owner may also be the trustee.

If the money was a gift, it does not need to be repaid, if it was not a gift, it should be repaid.

It seems that whatever money SN paid into the building work is to be held in trust for SN and that this money may be required by SN for her care fees.

Hope this clarifies

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