Hope this helps:-
Solicitors acting as Trustees as follows:-
If a will is made leaving a property to a spouse for their lifetime only with the following conditions:-
That the solicitors will hold in Trust 50% of the property which will be inherited by certain beneficiaries on the occupiers death. The other 50% to be distributed in accordance with the last occupiers will.
The deeds to the said property state that there is a shared ownership and that the property is part of a Trust and the solicitors name and address is stated in the deeds as the Trustees what are the responsibilities of the solicitors holding this property in trust?
Do they carry out regular checks on the property to check it is maintained satisfactorily? Do they regularly check if it is on the market? Do they have a responsibility to ensure that before the property is put on the market that more than one valuation is carried out and that a sensible price is realised that is accepted by all beneficiaries.
Are the beneficiaries of the Trust informed when the property goes on the market and involved in the sale?
What regulations are in place for the monitoring of such a situation and the safeguarding of the rights of the beneficiaries named on the trust/will documents?
I look forward to your reply
Are the beneficiaries of the trust informed of the property being placed on the market and kept up to date with all aspects of the property?mentioned in
I am curious as to how this type of trust and situation ca be monitored by the solicitors who hold the Trust