Property

[Annamarie43]

exH holds a property on trust for the kids, the property has been rented out, does any profit belong to the kids or the exH

how to move to legal board? or can someone do this for me please

I've reported it and added you want it moving op

We're moving this thread to our Legal Matters topic (and giving it a bump) for the OP.

Thankyou x

The profit belongs to the trust, not to your exH

+1

Definitely belongs to the kids and if there are any issues with this then they need to consult a solicitor to clarify that with exH.
As a trustee he is entitled to deduct any out of pocket expenses from the trust.

And any rent received to date also belongs to the trust so is held entirely for the benefit of the kids.

It depends on the trust.

There are trusts which hold the assets for the beneficiary but the settlor gets any income resulting from the assets during his lifetime.

It depends on the type of trust. You would need to see the trust documents and get advice from a lawyer.

I’m guessing you suspect he put it on trust to avoid it being a matrimonial asset?

He may also be a trustee and a beneficiary of the trust so he could legitimately be taking income, although there would be tax implications for him. You would need to know the type of trust, what the trust deed says etc. Even if the children are listed as beneficiaries, they may not get anything if it’s a discretionary trust.

Very rare as conflict of interest

Not at all rare, I see it often. Families don’t tend to care too much about conflicts of interest.

It is rare. And so it should be.

In the Us, more common

It really isn’t, but think whatever you want to. Most small family trusts have trustees who are beneficiaries. Some even have settlors who are trustees and beneficiaries. Bottom line is the OPs ex husband could be acting completely legally if not morally right.

No it isn't rare at all. I have probably seen hundreds of them over my career.

Well have to agree to disagree

We’ll

@Doingprettywellthanks - You are just wrong, it’s not an objective subject to have an opinion on. I am not sure where your experience comes from, but it can’t be family trusts. Charitable trusts, yes absolutely the trustees shouldn’t be beneficiaries.

As I say