People set up trust funds and seem to ignore what’s going to happen when they want to unravel it or when the trustees fallout. That is one of the reasons that people appoint professional trustees such as it is. The problem with doing that is the professional trustees charge an arm and a leg and the kidney for the administration and I know one firm who would charge £250 minimum fee just for administering a cheque.
Provided all the children are over 18 then under the ruling in Saunders v Vautier if they all agree and they are all a full mental capacity, the trust can simply be brought to an end and the proceeds divided.
If the children are under 18 then it’s a court application to remove obstructive trustees and have them replaced. Not for the fainthearted and most certainly not to do yourself job. Complicated, potentially expensive and risky and not quick.
Being brutally honest with you, if the children have left school but are under 18, they are likely to be 18 years of age and able to rely on Saunders, before an application to remove the trustees would get to court.
If the trustees refuse to end the trust under the rule in Saunder or to otherwise deal, then it still got to go to court anyway and the court would be also asked toward all the costs of the proceedings against the reluctant trustee.
I’m afraid there is no easy quick magic way of dealing with this.
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