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