That I don't know sadly. All I know is that the farm was left to Nic, in Trust. Nic's dad (Malcolm) hated me and my 2 boys from a former marriage, and so was always going to play some kind of game.
When he died, Nic said it is in trust - but that's ok as he is a trustee…inferring that he could 'undo' any mischief.
Now, from my minor knowledge of trusts, if Malcolm set Nic (only child) as a beneficiary, then he could also have put others as Beneficiaries too..and it wouldn't have been me.
And Trustees have to adhere to the Letter of Wishes.
So, if Nic's dad set it up, his wishes are the ones to be followed. So, if Nic dies, any assets can be given elsewhere according to Malc's wishes.
Nic has done a will, leaving me everything (we own a lot of other property that Nic and I bought together and is in his name) but does he have that amount of control over leaving the farm to me…or does it revert to the original settlor's wishes?
Nic has just got a letter from his solicitor that I have seen, saying that it is a deed of appointment, to make him a Trustee.
In it, is says "In the events which have happened to the estate of the Testator has not yet been fully administered and in particular the Trust Fund (as defined by the Will and which is hereinafter referred to as "the Trust Fund" has not yet been finally quantified and established but the Trustees are nevertheless desirous of exercising the power for that purpose conferred upon them buy Clause 5 of the Will in manner hereinafter appearing…"
I'm just worried that even if Nic wants me to have it, Malc can rule from the grave.
If Nic was just meant to get the farm, well, he has it, so what is the use of keeping this trust going….unless it is to pass it on to someone else if Nic dies before me.
Just seems we should bin it…if we can.
Sorry to be so lengthy!
Sorry for delay, had to be in hospital all day yesterday and a family death today.
I do have a copy of the will, I applied for it 2 days ago, and it has just arrived.
Oh gosh, I have tried to understand it and I don't really, it is so complex.
My husband says "it's nothing, I have spoken to the solicitor, and the farm is mine to do as I wish with, and when I die, I can leave it to you with no problem"
But I was married to another Trustafarian, and they are never that simple!
I have tried attaching it but it won't go, I think it's too big.
However, my husband has now said that I can go with him to the solicitors, to ask him face to face if I am safe. Not sure that I fully trust the man as he was Malcolm's friend for years.
So, as it is the Trust Fund part that bothers me, I am going to have specific questions to ask him, like:
1. what sort of trust is it?
2. can it be dissolved once the beneficiary has inherited?
3. What was the letter of wishes?
Are there any questions you think I should ask?
it all seems to relate to it!
Happy for you to go to the gov website and see it…am happy to give you my details
password (I have just changed it, for you) is solicitor12
nadine @ russellsfurniture.co.uk
no, I just have my 2 boys from my first marriage who Nic has loved and payed for but never adopted
It has never been mentioned