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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Probate and discretionary trustMy wife recently passed away

Resolved Question:

Probate and discretionary trust
My wife recently passed away and we have a 16 year old daughter we own 5 properties as tenants in common 2 residential and 3 rental
I am told i am an executor of the will but have not seen the will the other 2 executors are professional solicitors, i am told i will be a trustee of the discretionary trust along with the 2 professional solicitors once probate etc is sorted
My late wife has left all her estate to the trust for our daughter until she is 25 the only beneficiary is our daughter
1) the 5 properties are worth in total about £1.1 million
2) the debt on the properties is in the region of £440,000
we intend to sell all 5 properties and clear mortgages so effectively i will have a net worth in region £300,000 and the trust for our daughter will have £300,000
My problem is i will use all my net worth to house myself and daughter, and my income will not be enough to support my daughter through the rest of her private schooling and university, has the trust got a duty to help me to house my daughter and financialy with school fees
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstDo you intend to sell your current home as well?
Customer: replied 1 year ago.
Yes as the current residential home that has a value in the region of 350k is carrying a debt around 200K which is with the ONE ACCOUNT which was a joint debt, i am lead to believe lenders are not happy with debt on only 50% of the property and that the trust can not borrow, and for personal reason I feel me and my daughter wish not to live in the house where my x wife and mother of our daughter lived, to much history
Expert:  Clare replied 1 year ago.
Sorry - I meant YOUR home
Customer: replied 1 year ago.
Yes
Expert:  Clare replied 1 year ago.
Is there a need for that?
Customer: replied 1 year ago.
only on emotional grounds, its what me and my daughter want a clean start
Expert:  Clare replied 1 year ago.
How much is your current home worth and what is your mortgage capacity?
Customer: replied 1 year ago.
Property value £350,000 outstanding mortgage £200,000
Expert:  Clare replied 1 year ago.
Is your daughter currently attending a fee paying school?
Customer: replied 1 year ago.
she is £12,000 per year 1 year to go, then its 6 form which maybe at the same school or possible Perse £15,000 per year then university London
Expert:  Clare replied 1 year ago.
Without seeing the Will it is hard to be certain - but if it is a standard document then the Trustees will have the power to make advancements for the benefit of your daughter for things like school fees etc - or more specifically TOWARDS those thingsYou will have to justify any requests that you make but the School fees (and in due course University fees) should be non controversialPlease ask if you need further detailsClare
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