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RJM Law, Lawyer
Category: Law
Satisfied Customers: 3779
Experience:  LL.B (Hons)
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I am a trustee on a discretionary will. I need to split the

Customer Question

I am a trustee on a discretionary will. I need to split the trust with with my brothers family.
The trust contains a house and cash but not in even split. Can I top up the trust with my own cash in order that my brother can effectively get a split that is the same value as the house. So that I can keep the house.
Submitted: 16 days ago.
Category: Law
Expert:  RJM Law replied 16 days ago.

Hello, and thank you for choosing our service today.   I am the expert who shall assist you with this matter today.

Please note that our service is conducted through emails and from time to time there may be a delay between answers and responses, this is due to the expert availability at the time.  If you do not receive a response immediately, please be advised you will receive one by the end of the day

I will be able to provide you with guidance in relation to your question.  However please note this does not form a professional client relationship and we cannot provide representation, however, I would be hopeful that my guidance will be able to assist you.

Thank you

Customer: replied 16 days ago.
Ok thanks. But I can’t see a response to my query.
Customer: replied 16 days ago.
Sorry maybe I just need to wait a bit
Expert:  RJM Law replied 16 days ago.

Thank you for the question. Technically no you can't do this as the money in trust isn't yours.  However that does not meant you cannot achieve what you are trying to achieve by other methods.  I would advise splitting the trust in the way it has been ordered otherwise you would be in breach of your duty as an executor. Once this is done, you and your family, can come to a financial agreement to split the property any way you see fit, I would get any such agreement in writing and once this is done, you will also want to update the land deed to reflect the same.  A conveyancing solicitor should be able to deal with all of this for you quite easily.   This way you are uploading your duties as an executor and also achieving what yu want to achieve.   All aspects would then be legally satisfied.

I shall provide you with a helpful link that will assist you in finding a solicitor/representative near your local area.  This will provide you with someone nearby your area who can assist you if required.

I hope this information proved helpful.  You will find a local solicitor who deals with these matters on the law society webpage which is as follows; (England) (Scotland) (Ireland) (N. Ireland)

Hopefully, I have answered your query in a way that is simple and easy to understand. If anything remains unclear, I will be more than happy to clarify it for you. In the meantime, thank you once again for using our services.

Should you require any further assistance on this matter, please do not hesitate to post a further questions for additional assistance.

Kindest Regards.

Customer: replied 16 days ago.
There are no specifics in terms of how the trust is split. The question is whether we can top up the trust with our own money first. We are allowed to split the trust. I just want to know, if we invest our own money into the trust then do we need to pay any tax.
Expert:  RJM Law replied 15 days ago.

If it is a question about the tax (apologies but was not specified in opening statement) then I would suggest you repost the question for a tax solicitor as I cannot answer on the taxation of trusts.

Customer: replied 15 days ago.
Ok thank you
Expert:  RJM Law replied 14 days ago.

I wish you all the best.