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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33811
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My former wife who is trustee parents will to look

Resolved Question:

My former wife who is trustee for her parents will to look after a trust for the 8 grandchildren on reaching 25 has remarried and given him the other trustee appoitment to him. one of my sons is in finacial difficulty due to Chrones disease.His mother is more than happy for him t have his Trust fund now althou he's only 22 at the moment.The problem is with his step dad who doesn't like him and is refusing to allow him his Trust fund , even though it has been separated from the other Grandchildren.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is held in the trust?
Clare
Customer: replied 2 years ago.

In 2002 £50000 was put into a Trust for 8 Grandchildren by my former wife, to be paid out when each of them reached age 25. March 2014 the money was divided up into £10000 lots.The two eldest were 25 and so had their 10000 each.Apparently 4 lots were put into individual accounts and the remaining 2 lots were put together to benefit the 2 youngest as they were only 18 last year. None of the Grandchildren have had a statement and have no idea what the trust was worth when it was split up last year.My former wife has given control of the Trust to her husband who has bullied her over how it is now run by him. none of the children like him and he is most difficult to deal with. He took over as a trustee in 2013 after the previous trustee moved to Ireland.

Expert:  Clare replied 2 years ago.
Hi
What are the actual terms of the Will?
Clare
Customer: replied 2 years ago.
Hi Clare The Will said any money's left should be put into a Trust fund for the 8 grandchildren until they were 25 years old. At the time a solicitor was one of the Trustees and indicated to my eldest that if both Trustees agreed money could be taken out in some circumstances.
Expert:  Clare replied 2 years ago.
Hi
How many of the children are still under 25?
Clare
Customer: replied 2 years ago.

The two eldest have each received 10,000 in March 2014.August 2015 the third Grandchild will receive his money. That will leave 5 still under 25 years of age. Ages are two at 23 this year one at 24 Jan 2016 and the last two are 18 and 19. Stan

Customer: replied 2 years ago.

HI Clare the two eldest have received 10,000 in March 2014. August 2015 the third Grandchild will receive his money. That will leave 5 still under 25 years of age. Ages of the other 5 are two at 23 this year,one at 24 in Jan2016 and the last two are 18 and 19 Stan

Expert:  Clare replied 2 years ago.
Hi
Since all the beneficiaries are over 18 they may be able to dissolve the Trust and direct the Trustees to distribute the funds using the case of
Saunders v Vautier (1841) EWHC Ch J82
You can read the basics here
http://en.wikipedia.org/wiki/Saunders_v_Vautier
However the beneficiaries should get face to face advice on the issue
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33811
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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