Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

does anyone know the first thing about trusts? or where I could get help

3 replies

twocatsonthebed · 23/03/2007 10:27

I'm embroiled in the nightmare that is my grandmother's will, and the winding up of a family trust. It's a nightmare because my grandmother died more than seven years ago, and it's still not sorted.

I won't bore you with all the details, but does anyone know where I can get some basic information about trusts and capital gains tax, so that I can tell whether the lawyers are talking arse or not. (If they are, I'll get my own solicitor, but need to know whether this is worth it).

OP posts:
Ladymuck · 24/03/2007 18:33

Do you know what type of trust it was eg discretionary trust, bare trust or accumulation and maintenance trust?

If you search the HMRC site they have all of their manuals online so you may find what you want there.

KathH · 24/03/2007 20:49

I deal with trusts for a job - what is it you want to know - cant guarantee I can help but I can find out for you if I dont!

twocatsonthebed · 27/03/2007 22:00

sorry, didn't get a chance to look at MN over the weekend.

In short, my grandmother died 7 years ago, and the money held in trust for her was distributed to the grandchildren. However, the lawyer held back a load in case of CGT (income had gone to the middle generation, and so if they died, would have been liable) even though 3 out of the 4 people concerned had their lives insured against this eventuality.

None of the money was distributed in the meantime, even though the CGT has gone down and there is now no liability. We are trying to get him to hand it over now, not an easy task as he is refusing to answer the phone.

My big question is, does the trust still exist while it is being wound down. Because the lawyer (one of 2 trustees) has not managed the money being held back (a six figure sum) AT ALL. He has the stock certificates in his office, and has done for 7 years. And if he is a trustee still, does he not have a duty to manage it? As if he does, we will be challenging his fees....

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread