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Joshua, Lawyer
Category: Law
Satisfied Customers: 31740
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I was hoping to talk with Joshua again with regards to an

Customer Question

I was hoping to talk with Joshua again with regards ***** ***** ongoing will and trust matter.
JA: Where is this? It matters because laws vary by location.
Customer: Northern Ireland
JA: What steps have been taken so far?
Customer: Would Joshua be available?
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: For Joshua Only
Submitted: 16 days ago.
Category: Law
Expert:  Virtual-mod replied 15 days ago.

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 15 days ago.
This solicitor is the one I would like to speak to again
Expert:  Joshua replied 14 days ago.

Hello again and thank you for your question. 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.

Expert:  Joshua replied 13 days ago.

Do you have any further information you are able to provide me in respect of the above please?

Expert:  Joshua replied 13 days ago.
If you have no further information on the above I will be happy to provide a general answer
Expert:  Joshua replied 12 days ago.

I'm following up on the above. Without some further information from you as above, I am limited in what I can say on the matter but in the hope it is helpful nonetheless, I will provide you with the following broad answer. If you are able to kindly provide me with the above further information or if you have any further questions generally, I will be delighted to expand on the following - please just reply back to me in this case:

Notwithstanding the above, in general terms according to the advice received of your solicitors, they are recommending that a new UK resident trustee is appointed in place of the foreign domiciled trustee on the basis that this may make it easier to subsequently open a UK based trust accounts.

You can consider this advice and if you decide to run with it, the solicitors will need to prepare the appropriate deed of retirement and appointment which we need to be signed by the existing trustees and any proposed incoming trustee.

Naturally, trustees have a considerable degree of control in terms of the trust fund itself and accordingly, the new trustee appointed should be a suitable and trusted person

Customer: replied 12 days ago.
Hello Joshua and thanks for getting back to me. It's been a hectic few days so excuse my tardiness. When we corresponded last time, you informed me that because it was just money, only one trustee was required; is this still the case? My biggest bugbear is that since 2018, I have told them repeatedly that I could not find a home for the money and it is only now that they are admitting that this is the case. I just think there is something wrong when I have to resign as an executor, as Mother to the beneficiary to get the cheque out of their office because of my ROI status, something they would have been aware of at the outset. When I told the solicitor in a Zoom meeting that the will could not be carried out, he said he had set up plenty of will trusts; when I asked what they did, he said he could not go into details as banking had nothing to do with them.When the BOI said in 2018 that they could set up a will trust but it would be better for the fund if they held it in the solicitor's business reserve account, they said they do not operate one. Please see attached.
The BOI has since stopped dealing with will trusts and it was a loss-maker.When in 2018, they set me up with Davy Stockbrokers, Davy said they could not touch this because of my ROI status.
If we had kept the property, we would have had to pay tax in two jurisdictions so sold up because of this. My daughter was also left over 30,000 and even this figure proved difficult to house as the max contribution to an ISA is 9000.When the solictiors suggested Provident, they will only set up a will trust if all executors are resident in the North of Ireland.
The only other option was St James' Place who are an investment company and we were not happy with investing all the money. They have since got into bother with investments.
I suppose my point is with all this is they have not listened to me and have only admitted that it has been hard to find a place for the money last week; I have been telling them since 2018. It was also me that suggested me stepping down to facilitate this; it has never been their advice
Also Joshua, in their letter they say if an indemnity is granted that a cheque will be made out to my sister or myself and not Ella my daughter. Understandably, we would not be comfortable with that.
I attach some info which may be of help.
I hope this isn't rambling but I cant review before sending.
Expert:  Joshua replied 12 days ago.
Who are to be the end beneficiaries of the trust?

Is the trust a bare trust or a discretionary trust?

Customer: replied 12 days ago.
Just my daughter who is now 16 and it is a bare trust to be handed over at 18 by executors
Customer: replied 12 days ago.
don't know if this will be of help
Expert:  Joshua replied 12 days ago.

Have you considered the existing trustees - is this you and your sister - simply consider having the other trustee retire and provide the solicitors with an indemnity instructing them to release the monies to you.

Assuming you have your daughters interests at heart which I am certain you do you can then simply manage the money on your own. Many people choose not to mention that the mkeny is a trust to a bank and just open the account as if it is in their own name which gives access to a wider range of options. Trust accounts can be awkward

Customer: replied 12 days ago.
Thanks Joshua, I had considered that but would prefer if cheque was made out to my daughter. The solicitor seemed to indicate it would be made out to me or other trustee
Expert:  Joshua replied 12 days ago.
It cannot be paid to your daughter before she reaches 18 as one cannot own property until over 18 and so cannot give a good receipt for capital.
Customer: replied 12 days ago.
Would that have tax implications for me even though HMRC haven been paid
Customer: replied 12 days ago.
also would bank not want to know where money was coming from to rule out money laundering
Expert:  Joshua replied 12 days ago.
Providing you have the trust documentation as a bare trust your daughter would pay any tax in income or gains on the capital and it would not affect you. 

Customer: replied 12 days ago.
but the cheque will be made out to me so how does that work
Expert:  Joshua replied 11 days ago.
As a parent you may be able to give good receipt for capital under the will. If the will does not provide for this the executors may decide at their option to accept an indemnity from you in this respect
Customer: replied 11 days ago.
I’m very confused. I thought you meant for my sister to resign and leave me as executor who would then supply the solicitor with indemnity
Expert:  Joshua replied 11 days ago.
Executors and trustees are separate roles. It is not necessary to resign as executor to resign as trustee and vice versa. In deed of executors have already intermeddled in the estate it is unlikely to be possible to resign. However this does not mean either of you cannot resign as a trustee as you suggest
Customer: replied 11 days ago.
As all the other bits of will have been distributed per executors role there are only the trustees left with the trust that is no longer property but money.
Expert:  Joshua replied 11 days ago.
On this basis you would not be able to resign as executors but resignation as a trustee under the will is possible allowing you to consider providing an indemnity to the executors (of which of course you are one)
Customer: replied 11 days ago.
What do you think is the best move, in your opinion?
Expert:  Joshua replied 11 days ago.
If there is power in the will for parents to give good receipt for capital then the executors can conside exercising this power to advance the finds to you for safekeeping until your daughter reaches 18. If there isn't it is still open to you as executors to consider accepting an indemnity from you to enable them to tramsfer funds to you in the same way.
Expert:  Joshua replied 10 days ago.

I trust the above answers all your questions for now. If you have any follow up questions please do reply back to me.

Customer: replied 10 days ago.
Before you go, you said that when opening an account for the money, a lot of people don’t tell the bank where the money’s come from, ie a trust. How do they satisfy bank questions then and avoid tax?
Expert:  Joshua replied 10 days ago.

The nature of banks questions will vary from one bank to another and typically, there is not a request for significant amount of details. obviously, you should not make a false statement but as a trustee, you are a legal owner of the assets, and therefore it is usually relatively straightforward to answer the relatively generic questions banks may ask without making a false statement.

In terms of tax, to the extent the trust earns income or makes gains in excess of tax allowances, your daughter would need to submit a personal self-assessment tax return in this respect

Expert:  Joshua replied 9 days ago.

I hope I was able to answer your question. If you would like to ask me another question in the future, you can add me as a favourite Expert. You'll have the option to do that on your "My Questions" page if you choose to rate our interaction or you can request me by name if you wish. Thank you again for visiting JustAnswer and see you again in the future I hope.