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Can anyone come and chat to me about dissolving a trust to sell a property?

4 replies

Abitcluelessaboutwills · 11/03/2022 09:29

Hi my MIL passed away a few months ago and it was discovered after she died that she had put her home into trust (a will trust) following the death of my FIL nearly 20 years ago, naming my DH as co-trustee with her. We are hoping to move house to a bigger place within this area so the kids stay at the same school (got 2 DDs and a DS sharing a large room currently) and are planning to use DH's inheritance share towards part of the deposit. DH also has two brothers who were unaware of this trust being set up. MIL had a difficult relationship with all her DS's and looks like she hid this from them.

We had thought this move might happen this year but a quick google suggests it can take over a year to dissolve a trust. Does anyone have any experience of this?

OP posts:
Collaborate · 11/03/2022 10:18

If you want someone to advise you will need to provide more information.

What are the terms of the trust?
Who are the beneficiaries?
Was it created in the father's will?
If not, who created it?
Are all of the potential beneficiaries over 18?

Abitcluelessaboutwills · 11/03/2022 11:17

Thanks for your reply @Collaborate. The name of the Trust is something like eg "The John Doe Will Trust", named after late FIL so it may have been organised when he was still alive?
MILs will said everything was to be split four equal ways - quarter each to her children with the remaining quarter to be divided between her 3 grandchildren (our DCs, all under 18). However, since the emergence of this will trust they all seem to be under the impression that DH is the sole inheritor of the house?! Not sure if this has been confirmed or if they just believe it to be the case as he is the trustee. If he is indeed sole inheritor, he is still going to divide equally once its all settled.

OP posts:
Abitcluelessaboutwills · 11/03/2022 11:22

Tbh the three of them are as bad as each other and don't seem to have much of a clue. DH relied on me more heavily at first as my own DM passed away a year ago and I had to go through confirmation process etc so had some experience. But things are now very different to what they imagined. They still need to also go through confirmation too as MIL had money, shares etc which did not form part of the trust so its a lot going on.

OP posts:
Collaborate · 11/03/2022 11:49

The clue is in the name - a will trust is established in a will, when the person dies.

Mother in law cannot deal with it in her will if she only has an interest in the trust.

I suspect it is something like a house in joint names or father's sole name. His half share (or 100% share) in his will is given to the trust. His wife can stay there for life and after that the trust says what shall happen to it. If wife has a half interest of her own her will can say what happens to that but not the interest that is in trust.

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