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: Property Law
Satisfied Customers: 33318
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
13262538
Type Your Property Law Question Here...
Clare is online now

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: 10 months ago.
Category: Property Law
Expert:  Clare replied 10 months 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 10 months ago.
I understand as they are the next of kin and were dependant upon the father they are entitled to receive policies.
Customer: replied 10 months 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 10 months 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 10 months 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 10 months ago.
That is very demanding of them - have they said how much is involved?

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:

 
 
 
  • Remus2004

    Remus2004

    Barrister

    Satisfied Customers:

    2427
    Over 5 years in practice.
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Remus2004's Avatar

    Remus2004

    Barrister

    Satisfied Customers:

    2427
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    414
    UK solicitor holding an England and Wales practising Certificate.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    42
    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:

    4708
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/AS/Aston Lawyer/2013-10-8_19517_JAPROFILEPICTURE.64x64.jpg Aston Lawyer's Avatar

    Aston Lawyer

    Solicitor

    Satisfied Customers:

    1823
    LLB(HONS) 20 years of experience in dealing with Conveyancing and Property Law
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg chatham-chamber's Avatar

    chatham-chamber

    Solicitor

    Satisfied Customers:

    828
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Solicitor

    Satisfied Customers:

    241
    I have been a solicitor in High Street Practise since 1985 with a wide general experience.