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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34234
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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My cousin has dieD intestate leaving 3 children one is now

Customer Question

My cousin has dieD intestate leaving 3 children one is now 18 years the other 2 are aged 15 and 9.
The only property was a joint house that passed to his partner. He does have pension policies that according to the insurance company do not form part of the estate. and the powers of the trustees are discretionoary, No grant of letters of administration have been applied for.
The insurance company are saying that they cannot pay the money out unless Trusts are created and accounts are produced. We offered to apply for a grant of letters if f administration however the insurance company advised they would still not pay the money out as they require trusts to be created. We are a little confused as to WHAT TYPE OF trusts have to be set up
Can the mother and another relative be appointed trustees if this is the case who appoints them and why would there be accounts if a new trust is set up.
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
For clarity - I assume that the Pension Policy funds are being paid to the chidlren?
Clare
Customer: replied 1 year ago.
I understand as they are the next of kin and were dependant upon the father they are entitled to receive policies.
Customer: replied 1 year ago.
I understand as they are next of kin and dependant upon the father they are entitled to be considered as potential beneficiaries
Expert:  Clare replied 1 year ago.
Hi
In fact they are his next of Kin and they are the people most likely to be considered for the policies = but since two of them are under 18 their share would have to be held on Trust for them until they are 18
Most major banks and building societies have suitable accounts for the monies to be held
Please ask if you need further details
Clare
Customer: replied 1 year ago.
It seems the insurance company require 2 separate trusts to be set up with 2 trustees for each trust and accounts to be produced..
So presumably this will have to be done before the money is invested in the building society
I do not know who would have the necessary status without a grant of letters of administration to appoint a trustee
Also accounts would not be available as requested if this is to be a new trust.
I believe one of the children does hold a Government Trust account what was set up some time ago
Expert:  Clare replied 1 year ago.
That is very demanding of them - have they said how much is involved?