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Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.
May I confirm what assets the trust comprises please? In particular, does the trust include a house or flat?
thank you. the minimum number of trustees for a trust is one but in respect of certain kinds of property, it is necessary to have two or more trustees in order to give a valid receipt to any potential buyer. This is why I asked what assets were comprised in the trust. If there were a property, then if in the future you found it necessary to sell the property, it is likely that a second trustee would need to be appointed for the purpose. However, if the trust only comprises money, then it is sufficient for there to be one trustee there optionally, you could exercise a right to appoint an additional trustee to act alongside you if you wished
Not at all and I did not take your comment as being rude I assure you. may I clarify what you refer to in terms of "bypassing"? Do you mean the need to appoint a second trustee?
Thank you. so to be clear, you are the sole remaining trustee but must resign under the trustee act because you do not live in the UK. We refer to releasing the beneficiaries money. Are the solicitors proposing to pay out the money free of trust to the beneficiary or a parent of the beneficiary?
thank you. Whilst I appreciate the actions of the solicitors are frustrating, they are not strictly wrong in what they are requesting. The difficulty is that because they presently hold the funds, then if they release the funds other than in accordance with good practice, they could potentially find themselves negligent as against your child when they come of age if the solicitors actions can be shown to have potentially caused your child loss. It is good practice to have two trustees or more, with the risk being that where there is one trustee, it is much easier for them to effectively misappropriate funds, not that I suggest for one moment that your sister would do such a thing. your sister may have a spouse or you may have another close family member that lives in the UK who could potentially act as a second trustee.
Are the solicitors also a trustee of the trust or just acting for the executors?
thank you. On that basis, the solicitors ultimately have to do what they are told by the executors as long as all of the executors instruct them jointly in this respect. The solicitors may advise you against doing something and notwithstanding your above comments, they would not be entirely incorrect to do so and they may ask you as executors for an indemnity if you instruct them against their advice but ultimately, if you instruct them collectively to do something, they must do it unless it is illegal.
I'm glad the above answers all your questions for now. If you have any follow up questions please revert to me.
You can ask any question beginning with "FOR JOSHUA ONLY" or words to that effect.
Thank you again for visiting JustAnswer and see you again in the future I hope.