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JGM, Solicitor
Category: Law
Satisfied Customers: 10907
Experience:  30 years as a practising solicitor.
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How does a solicitor keep track of a property they hold in

Resolved Question:

how does a solicitor keep track of a property they hold in trust? do they regularly check whether it is up for sale or kept in good condition - do they ensure that is its sale value is in the best interest of the beneficiaries of the trust etc. etc
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Thank you for your question.
The trustees are responsible for the property. Who are the trustees?
Customer: replied 1 year ago.

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

With thanks


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



Expert:  JGM replied 1 year ago.
The solicitors are acting as trustees and as such have a duty to the beneficiaries and to maximise the trust within the powers granted in the trust document itself so that would have to be referred to. The provisions of the Trusts (Scotland) Acts. There is a fiduciary duty over and above those of solicitors.
Beneficiaries would not necessarily require to be kept informed as a matter of law. Whilst the trustees would generally make the decisions, however, good practice would suggest that adult beneficiaries be given their place about investments and decision that would have an effect on the trust property.
The trustees are under a duty to preserve and look after the trust property so there is a higher duty on them than there is as solicitors. They have to hold the property as if they were the owners.
Happy to discuss.
JGM, Solicitor
Category: Law
Satisfied Customers: 10907
Experience: 30 years as a practising solicitor.
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