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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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Is it possible to dismantle a Will Trust to enable the beneficiary

Customer Question

Is it possible to dismantle a Will Trust to enable the beneficiary to have free access to the funds held therein, as long as the current Trustees are in agreement?
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
-Could you explain your situation a little more?

Customer: replied 2 years ago.

About 30yrs ago, my father set up a Trust of which I am the sole beneficiary, until my death, whereupon this passes to my two son's. At that time, he was the main Trustee and the Solicitor who drew up the Trust was the second. Upon my father's death 7yrs ago, my sister replaced him as Trustee and although the named solicitor retired, another in the same firm was appointed as second Trustee to replace him. It was a stipulation in the Trust Terms that the funds held therein could only be used by me to purchase property and the money invested in this way. However, as time has passed, every time this happens the Trust solicitor charges fees at £240/hr and the process also causes unwanted involvement by my sister, who would prefer for the Trust to be dissolved. Since I am more than capable of making informed decisions, this would enable me to move home without extra financial drain upon Trust funds and untold delays, which have already resulted in me losing purchase opportunities, because the vendors became impatient at waiting and put the properties back on the market at inflated prices. I am in the process of selling/buying at the moment and am on the verge of the very same thing happening again.

Customer: replied 2 years ago.

I forgot to mention in my last e-mail that due to "conflict of interest", I also have to enlist the services of a second solicitor in a separate company to perform all conveyancing duties which further inflates my expenditure. Since I am presently selling at the same price as I bought my current property for 7yrs ago, once Trust charges are deducted, the value of the Trust interest in the new property will be less than it was when I purchased my current one, which is counter-productive and not best use of the Trust funds.

Expert:  UKSolicitorJA replied 2 years ago.
Thank you.

Yes, it is possible to terminate the trust if you are the only beneficiary and you wish to have the trust terminated.

You should seek advise on the tax implications of terminating the trust and the distribution of trust funds to you.

The other option is to ask change the professional solicitor trustee to another family member who will not charge fees.

May I help further?
Customer: replied 2 years ago.

Can the existing solicitor's company who administer the Trust implement disbanding, or does this need to be effected by an independent solicitor and if a second family member is appointed as 2nd Trustee, how is the Trust Fund then administered?

Expert:  UKSolicitorJA replied 2 years ago.
The existing solicitor may act in the termination of the trust as long as you consent to this.

The trust will be operated in the same way as it is operated now if a second family member replaces the current trustee solicitor.

Hope this clarifies
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
UKSolicitorJA and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you so very much for al your help and advice - I now feel better equipped to proceed further. Kind regards.

Expert:  UKSolicitorJA replied 2 years ago.
Welcome Carol.

Please leave feedback
Customer: replied 2 years ago.

Excellent

Expert:  UKSolicitorJA replied 2 years ago.
Cheers

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