Trustee advice

[Beans on toast Dave]

hi,

have sold my dads house as hes now in care, mum left her half of the house to go into a trust and the interest from that to go to my dads care but not the capital, when dad passes the capital to be split between me and my sister
recently i spoke to a solicitor and he said we could possibly receive that money earlier if we paid several years worth of interest, after that he wanted a considerable figure to set that up, i dont mind paying the money but it might not be worth it depending how much it will cost

so does anyone here know how that can be worked out

dads 82 so say he goes on 10 years and interest on that at 1% x10 years?
or should it be more or less that 1% as if you leave it in a bank savings account its currently paying 0.25%



any advice please?


thanks

just to add, i am 100% certain that my mum would have wanted this, if things had been explained better at the time when she made her will she would not have wanted her half to go into trust

 

[booyaka]

That just sounds wrong - The whole point of a Trust is to protect the assets within the trust to some future point. Being able to "access" the assets within the trust by paying up some "interest" - never heard of that at all.

What type of trust is it? Who are the Trustees? How long ago was the trust set up? I presume from above you mum is no longer alive? Also if the funds are paid out from the trust, who's going to pay for your dad's care? Far to much information required before anything could be clarified.

 

[Gabbatek]

wait for your dad to pass. It's not worth paying money out just to have it earlier.

I had a similar offer, but i would have lost the price of a new car to have it early and it's not worth it.

 

[andicole0]

Get an independent financial advisor. You shouldn't be talking bank interest rates for finds, they need to be invested properly and you'll get significantly more.
Andi.

 

[dowie]

Shop around for other legal advice too. I can't stand it when advisors want a hefty cut instead of an hourly fee. It can no doubt mean substantial earnings for them in some cases but it is morally dubious IMO.