Is there a trust lawyer out there who can help?

[onesandwichshort]

I need to know what the status is of a life interest trust when the named person dies? (Stuff left as life interest to my grandmother to pass to me on her death; she died in Jan 2000, still haven't had it all). Is it still a trust or not?

I am trying to fight the lawyers over this, but they say I am not their client and so can't speak to me. But they also say that the trust no longer exists and so they don't have to do annual accounts (they have mislaid some of the money). So who is the client and on what terms? It is now eleven years and I am at my wits sodding end, but there isn't enough money to make it worth sueing them over.

Can anyone help?

So are you talking about personal possessions or money/property?

Usually life interests are used for a house, and when the occupant dies, the trustees willl sell the house and distribute the proceeds according to the will.

If the life interest is for, say, a painting, then the same principal applies when the beneficiary under the trust dies, tho' it may pass straight to the eventual beneficiary

I'm just asking this because you're referring to "stuff", not money or funds.

If in fact you mean money, then the trustees' duty is to the eventual beneficiaries, ie you and/or others, whether the solicitors dealt with the disposal or not. So really, it's the trustees youshould be hassling.

Thanks for getting back, it's v much appreciated, especially given my garbled question.

It's money and investments. Left to my grandmother as a life interest by great-grandmother, to go to great-grandchildren on grandmother's death. Which was eleven years ago.

Most of the money has been distributed but there's still 20K or so left, and the solicitors are taking an age to wind it up. The solicitor is, I believe, one of the trustees, The other trustee is a distant relative I have never met, and says it is all fine (covering his arse in case of mismanagement, I think). We got informal legal advice that it was a incompetence of the highest order, but not enough money to sue. We have been hassling them for five years, it's absurd.

The question arises because we are trying to take them to the Legal Ombudsman, and I am trying to find out whether this is just a distribution of the estate, or whether the trust still exists. The solicitors say that it is now a bare trust (except I keep asking for my money and not getting it), but is that true?

I would have thought (tho' it's difficult to advise without seeing the Will and the file), that the trust reverted to a bare trust on the grandmother's death, ie everyone over 18 should by now have received their gifts.

If you're getting nowhere witht he ombudsman I suggest you get in touch with the Law Society, as they have a complaints investigation department.

Even allowing for seven years potential IHT liability, the delays are quite special aren't they? It's been just about to wrap up for four years now, but the lawyer -trustee lost track of some of the stocks (i.e. did not know whether or not they had been distributed) and so dare not go for a final distribution in case he is wrong. In the meantime I am wasting hours of my life trying to get this finished, and also having to pay my accountant extra, etc etc.

Thanks for the heads up about the Law Society, I will try then. We have also (as if this were not enough) been royally messed about by the LO, who said they could take it on, then turned round 4 months later and said, ah, perhaps we can't. But of course now we're in a complete antagonistic relationship with the lawyers for filing the complaint and have no redress with anyone at all. It is, frankly, the biggest cock-up of all time and I am sick to death of it.

Thanks for the help and advice though, it's very useful.