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I am the executrix of my late mother's estate. One of my 4 brother's paid a sum of £18,600 off her mortgage in 2004, and wanted that amount included in his settlement. My problem is that my mother gave him back £10,000 in 2005, but I have nothing to prove that other than her telling myself, two of my brother's and my husband (joint executor) I took legal advice from a local solicitor who advised me that the brother in question had 'Resulting Trust' in the estate, and that I should set up a trust account in which to deposit the disputed sum, and that my brother would then have to take legal measures to acquire the money. Was I advised correctly?
The brother in question says it was a loan, intended to be paid back on my mother's death. My mother told him it would be specified in her will, but it wasn't. All five children were left equal amounts.
I do have proof that my brother paid the amount of £18,600 towards my mother's mortgage and also that she withdrew £10,000 in 2005 under Lloyds TSB's 'Borrow Back' scheme. Unfortunately, I have been unable to trace where the money went..............I only have my late mother's verbal account that she gave it back to my brother, who had got himself into a financial mess.
Thank you for that. In regards ***** ***** trust account, how do I set one up? Also, how long does the money have to be held in trust? Is there a time limit for my brother to begin proceedings to recoup the money? Is there a charge to set up such an account, and if so, who pays the charges.................the estate? (there is very little left as most monies have been dispersed) or does the money have to be paid by an executor?
Just to add.................I am being pressured by another brother, to distribute all the monies including the £18,600. Can I now categorically tell him that this is not legally possible?