• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

residuary beneficiary accept to trustees' account

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • residuary beneficiary accept to trustees' account

    hi everyone! I need some serious help!
    I am the main beneficiary under my husband's Will together with my 2 children. He had some children from a 1st marriage who got some pecuniary legacies. apart those legacies, everything is contained in a trust managed by 2 (horrid) discretionary trustees.

    I brought an action under the 1975 Act to dispute the Will as it was not making enough provision for me. Technically, the action is against my 2 children but in reality, all I have will pass to them anyway. the issue is that as things stand, I cannot manage given that most of the money is kept away from me in the trust for the kids but given that the trustees have discretionary powers, I am scared that the money will not go to the children if I leave things are they are. The trustees, who do not contest the fact that the estate is responsible for maintenance of my children have refused, using all sorts of excuses, to give me some money for my children.

    i saw what they charged the estate for doing their job and the bills are ridiculously high! between the 2 trustees and their legal advisor (by the way, 1 of the trustees is senior partner in a law firm and his employee is conducting the litigation?!?! conflict?), they have charged the estate £160,000!!!

    i asked them to give me an itemised bill for their charges and they refused on the basis that I was not the beneficiary under the residual estate.

    can they do that? can they just charge whatever they want without my being able to challenge their fees?

    given the action, nothing has been distributed to anyone yet.

    help????
    Tags: None

  • #2
    Re: residuary beneficiary accept to trustees' account

    Bump

    Comment


    • #3
      Re: residuary beneficiary accept to trustees' account

      Hello Lilly Rose

      This sounds a really horrid situation for you and I am so sorry for what you are going through.


      Trusts are always complex to advise on and I am hoping that someone knowledgeable on this issue here will come along soon to help.


      In the meantime, if I were in your shoes, I would get in touch with the legal ombudsman service http://www.legalombudsman.org.uk for guidance on where to go for expert help and, in particular, whether the solicitors/trustees are acting completely ethically.

      Comment


      • #4
        Re: residuary beneficiary accept to trustees' account

        Hi Lilly Rose, i don't know the ins and outs of wills and trusts but i will try to give a few pointers that may be worth considering.

        The solicitors bill is extortionately high in my opinion, what are the specifics of their jobs in relation to managing the trust? Do they invest the funds to get a return and they get a percentage as they gow the trust or, do they have to manage the funds and drip feed maintenance over a period of time until the children are old enough to receive the full trust fund?

        If the children are under 16/18 and the trust pays them some form of maintenance, do they get regular statements or breakdowns of how the trust is being managed and how much they are to receive each month?

        Also, if they are under 16/18, who is their legal guardian? If it is you then the trustees have to send you regular statements of account held in your childrens names, have they done this?

        If they haven't sent it to you then they must have sent it to the children, if they haven't they could be in trouble.

        Is there any way you can obtain power of atorney on behalf of your children so you can monitor the actions of the trust to ensure your children don't lose out in the future?

        You may want to look into whether they are using the trusts funds to make investments where they are benefitting personally from the trust. Are they quietly siphoning off the funds until there is nothing left for the children when they are old enough to receive the full benefit of the trust and why you are getting nowhere with your requests?

        It is standard practice by corrupt people and bent solicitors to refuse to release documentary evidence of any kind in case it leads to more questions being asked and their wrongdoing being uncovered.

        There are many unscrupulous people out there and every possibility has to be considered.

        Comment

        View our Terms and Conditions

        LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

        If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


        If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
        Working...
        X