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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33813
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Under the terms of my husbands Will half of the house was left

Resolved Question:

Under the terms of my husbands Will half of the house was left in trust for three beneficiaries. I was allowed to sell the house and buy another property which I have done. There was a difference in price of some £154,000 all of which is currently in my bank account. Please advise how I must now handle the half share which belongs to the trust.
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 first.Who ar ethe named Trustees, and what is the exact wording of the Will?
Customer: replied 1 year ago.
I appoint my Wife SHEILA THOMAS and my Son MARK ***** ***** and my Wife's Nephew DOUGLAS JOHN McGREGOR to be the Executors and Trustees of this my Will and I DECLARE that the expression 2my Trustees" shall include the Trustee or the Trustees for the time being hereof
I give free of Mortgage or Charge and all Inheritance Tax all that my interest or share of whatever proportion nature or amount in the property known as 9 Saviles Close Eaton Ford aforesaid or failing which in such other freehold or leasehold property owned jointly by me and my said Wife at which I reside at the time of my death or in the respective proceeds of sale thereof (hereinafter called "the property fund" which expression shall include any property investments and cash from time to time representing the same) to my Trustees upon the following trusts:
(a) upon trust to sell (but subject to the provisions of sub clause (d) of this Clause) or retain the same or any part thereof for so long as my Trustees shall in their absolute discretion decide without being liable for loss.
(b) to pay any income prom the property fund to my said Wife during her lifetime
(c) after the death of my said Wife the property fund shall be held by my Trustees for my Wife's Sister JANET GOULD the said DOUGLAS McGREGOR and NIALL ALEXANDER McGREGOR GOULD and if more than one in equal shares absolutely
(d) I direct that during the lifetime of my said Wife no steps shall be take by my Trustees to enforce the trust for sale applicable to any such freehold or leasehold property or to realise my said interest or share thereon to obtain any rents or profits without the written consent of my said Wife and that until sale my Trustees shall permit her to enjoy the same for as long as she shall so desire
(e)If my said Wife shall at any time request my Trustees to join in selling any such freehold or leasehold property purchased pursuant to this sub clause my Trustees shall do so and at any time thereafter and at the like request of my said Wife shall apply all or some part according to the rest of my said Wife of the net proceeds of sale representing my said interest or share in or towards the purchase of any property by my said Wife for use as her residence such acquired asset interest or share to be held UPON TRUST for the benefit of corresponding in all respects with the trusts hereinbefore declared
(f) My Trustees shall also have in relation to the property fund the same powers of investment as those contained in Clause ^ of this my Will.
CLAUSE 6 reads: TRUST monies may be invested in the purchase of or at interest upon the security of such stocks fund shares securities or other investments or property of whatsoever nature including property for beneficial occupation as my Trustees shall in their absolute discretion see fit
Expert:  Clare replied 1 year ago.
How much was the equity in the property - and how much did you spend on your new property?
Customer: replied 1 year ago.
I am attaching the completion statements for you which should give full information.
Expert:  Clare replied 1 year ago.
Is it agreed that the new property is shared 50/50 between you and the Trust?
Customer: replied 12 months ago.
Yes
Expert:  Clare replied 12 months ago.
ExcellentThen half of the balance of the equity is yours to do with as you will.The other half should be invested in the name of the Trustees and the interest paid to you annually.I hope that this is what you needed - if not just ask follow ups until i have given you all you need to know!Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33813
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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