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how long should it take to settle a trust- transfer shares to my name

(10 Posts)
doodlebops Sun 07-Sep-08 20:47:25

a relative set up a trust for my father and his siblings and myself, brother and our cousins, the trust was to be used to help us in further education or if we didnt enter further education (like me) we were to recieve it on our 25th birthday.
my brother and my cousin turned 25th a few years ago and recieved the remaining part of their inheritance about 1 year after their 25th birthdays, its all shares and they both chose to recieve cash so the shares had to be sold and money passed on to them.

i turned 25 this year (april) and had said in advance that i wanted my shares transferred to me rather than them selling my share,basically i have recieved nothing yet. im really quite furious because i feel they are totally taking advantage of me, one of the trustees is my grandmother, another is a now retired accountant and another a solicitor, i have written to the accountant one and recieved a letter back telling me i would have it by august, i have emailed the other one and he hasnt even replied to me, my grandmother doesnt seem to see why i am getting a bit annoyed,

what can i do to get them to hurry up? they are getting paid ( a lot ) of money after all. where should i seek advice? or does it really take 4.5 months to transfer shares into someone elses name?

i hope this makes sense

poppy34 Sun 07-Sep-08 20:51:03

it does and this does sound a bit pants - I know that trust admin can take time so if you'd said you'd been waiting 2 weeks I'd think that was unreasonable ?

And if they are uk shares it takes as long as fililng a form out and sending this off to companies house ...

any reason why you are so anxious to get hold of these - its not like they can keep them

and are the lawyer/accountant professional trustees?

doodlebops Sun 07-Sep-08 21:05:23

to be really honest i dont know loads about it, i dont think they are professional trustees, as far as i am aware they are the people that my relative had business relationships with (her accountant, her solicitor, my granny was her sister-in-law)

i need them because i want to sell some to pay off debts, also depending on their worth they would be a good deposit on a house, but if they are worth less than i think id like to seek finacial advice on better ways to invest. its mostly because i really want to pay off my debts though.

poppy34 Mon 08-Sep-08 14:30:36

fair enough re why you want them - I'd try chasing them up. I am not sure how nasty you want to get with them but depending on terms of trust if they spend much longer paying the trust terms out they may well be in breach of trust as they are meant to pay out ot beneficiaries (and from what you say the terms of the trust are such that you are due those shares on your 25th birthday)

link

but its a case for you to decide how far you think making a fuss will actually speed things along - imo no amount of kicking off does much good with a certain type of solicitor/accountant

doodlebops Mon 08-Sep-08 19:47:47

thanks for the link, yes i do agree with you, although i feel like turning up on their doorsteps and telling them to bloody well hurry up, i know that it would probably just make them take even longer! and not that its any consolation but i know that the accountant takes ages to do everything for his other clients so i know its not just me! im going to give it a week then write another e-mail/letter, i know i shouldnt complain- i'm in a fortunate position.

poppy34 Tue 09-Sep-08 15:22:38

just keep on at them politely but firmly -email/call every week maybe?

mummypoppins Wed 10-Sep-08 13:52:13

doodlebops you may find that they are waiting for the taxataion issues to be cleard before they transfer the shares to you. eTheir might be capital gains tax and Inheritance tax to pay depending on the type of trust, size of it and when it was set up.

I am a trust solicitor cat me if you want any more info.

poppy34 Wed 10-Sep-08 16:16:08

shouldnt take that long to sort out re tax... if she asked before april..

doodlebops Wed 10-Sep-08 19:27:24

im just going to keep on at the trustees, yes i am in a hurry to recieve it but now i just think that they could at least take 5 minutes to write me a letter/pick up the phone and offer me some kind of explaination as to why i am waiting.
thanks for your advice!

mummypoppins Thu 11-Sep-08 12:18:18

absolutely you should have an explanation.

Poppy34 the revenue have many months to enquire into a tax return and the trustees may not be prepared to distribute before the time limit expires.

Sometimes the revenue are 6 weeks behinfd opening their post!

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