How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33513
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

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: 11 months ago.
Category: Law
Expert:  Clare replied 11 months 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 11 months 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 11 months ago.
Sorry - I meant YOUR home
Customer: replied 11 months ago.
Yes
Expert:  Clare replied 11 months ago.
Is there a need for that?
Customer: replied 11 months ago.
only on emotional grounds, its what me and my daughter want a clean start
Expert:  Clare replied 11 months ago.
How much is your current home worth and what is your mortgage capacity?
Customer: replied 11 months ago.
Property value £350,000 outstanding mortgage £200,000
Expert:  Clare replied 11 months ago.
Is your daughter currently attending a fee paying school?
Customer: replied 11 months 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 11 months 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
Clare, Solicitor
Category: Law
Satisfied Customers: 33513
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and 3 other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice