have a situation whereby there are 3 beneficiaries of a trust who are unhappy with the way its being run.
All beneficaries are adults but terms of the trust mean they wont benefit until middle age.
there were two trustees in place, one has resigned and not been replaced, the remaining trustee is not fit and proper - they are taking funds out of the trust for their own personal use, the trust includes land which is being let to the trustees friends rent free. general running if the trust is poor
I've advised the beneficaries to seek legal advice, but what else is there that they can do to resolve the situation? is there anyway they can get the trustees replaced?
Replies (4)
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Definitely an area in which you should not get involved. Your prof insurance indemnity wouldnt like it for a start.
I agree. You have already done the right thing by sending them to solicitors. Now leave it to the solicitors.
Ask a solicitor but one thing you will need is a copy of the trust deed so you can tell the client to start by getting that. the principle is beneficiaries can appoint new trustees but how depends on the wording
If all the beneficiaries are of age they can require the trustee(s) to transfer the trust assets to them[Saunders v Vautier [1841] EWHC J82]. The problem is the word "all", if the trust includes unborn children in the class of beneficiaries. Definitely one for the lawyers.