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[PLEASE HELP] What is the process for trustees handing over an inheritance?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
I have not spoken to the trustees of my fathers estate in 10 years. The estate was sold in probate and the renaming funds place with 2 trustees(relatives) for when I reach age 2x.

I am now of age to receive my inheritance. However, after speaking with the trustees, they said it will takes weeks to a couple of months for the funds to be "released".

I have no idea what the process is or if this is true or not. I can not find my answer online. Can anyone help? I don't understand why the funds can not be released on my birthday.

I live in England.

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It completely depends on the conditions of the trust fund that the money is tied up in, and what the process involved in getting it out is.

    It may also depend on when your birthday is relative to now - if it's a long way off still, then there might be time to get it sorted for your birthday. If it's very soon, and the paperwork and notice hasn't been started yet then that will take time.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Sadly, paperwork takes time and in my experience (indirect) it can take a long time because it involves solicitors and all the trustees being in agreement.

    In this instance it sounds like it's a straightforward process so a couple of months is probably the longest you'll have to wait but there are a lot of variables.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Also the money is likely to be tied up in long term investments - so releasing it will require notice be given.

    In some cases, the trustees will have moved money from long-term to short-term investments as the handover date approaches, but given the current financial situation that may have been irresponsible.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    So this type of thing is normal?

    They apparently switched bank accounts several times and there is "not much interest" because of "the banking crisis".

    Does anyone know of a website which can explain why it will take so long to release the money to me?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I'm afraid there won't really be a website that will explain it, because there isn't one standard way of putting money into trust for someone. It's not like it goes into a certain account, it's up to the trustees generally how they manage it.

    If you have a look at information about 'Notice Savings Accounts' that will give you some idea as to why the money might not be instantly accessible, as money left in trust will usually be put into one of those as it might get better interest.

    Another thing to look at will be info about dealing with Wills, and Estates and probate. That will give you an idea of how long and convoluted the paperwork all is and thus you can see how it may take time.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hey there,

    Scary Monster has provided the key points here in that it does depend on what is written in the trust document and the nature of the investment as to when you will receive the trust money that you are entitled to.

    Maybe you could ask the trustees to clarify why it will take some time to release the funds; what is the banks procedure? You could also look at the trust document yourself to see what that says about releasing the funds.

    Hope this is all sorted for you soon.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Thanks.

    It is a very fine line to tread. Right now i've managed to establish some civil communication between myself and the trustees. But if I begin questioning them, it may become uncivil. It is a complex scenario right now.

    I don't have the will in my possession anymore. I just wanted to know if inheritances can be released on the day of my birthday and if it is normal for it to take longer to be released?

    Does the release of funds from a trustee's account take time? Or does is it as simple as them entering a bank and withdrawing the funds for me?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    They basically made a claim that "It can take a few weeks to a few months for the funds to be released" and I just want to know if that is true.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Quite probably - yes.

    Unless it's in an instant access account, which would be unusual for a trust fund, then it will take a few weeks to release funds.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hey,

    Yup as Scary Monster points out, it will depend what type of account the funds are held in and therefore it can take a few weeks or possibly longer to release any funds.

    Any further progress on this matter?

    :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    L1ttleOne wrote: »
    Hey,

    Yup as Scary Monster points out, it will depend what type of account the funds are held in and therefore it can take a few weeks or possibly longer to release any funds.

    Any further progress on this matter?

    :)

    It is my birthday on the 14th, i'll call the trustees and see what is happening in the next few days.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It is my birthday on the 14th, i'll call the trustees and see what is happening in the next few days.

    Happy Birthday! :birthday:

    Do keep us posted on any progress with the trustees and have a lovely day!

    :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hi guys.

    I'm at a loss, I don't know what to do.

    I called the trustees on around the 17th of August and they said that they need to go for an appointment so that the funds can be released. They said it will be within the next two weeks(on the 17th of aug) and they might be busy so they'll have to try fit in in.

    They asked if they could call me rather than me call them. I've been very understanding and not wanted to bother them. They talk about my dad's house actually being promised to them and thigns which show how much they dislike having to give me my inheritence.

    It has now been nearly a whole month and I have not heard from them. I began ringing them a few days ago to find out what is going on and no one answers the phone, their voicemail is also full. I rang my distant uncle who is the brother of one of the trustees(my auntie) and he said he hasn't heard from them. He suggested maybe they have gone on holiday.

    I've been ringing 5-10 times a day for the past few days. Someone answered the phone once throughout, it was a man and the line sounded very low and bad quality. I got mixed up and thought i'd called the wrong number, but later realized that it was the right number. It wasn't someone I recognize.

    I'm really worried now, I'm scared i'm phoning an empty house and they have disappeared somewhere.

    I need help in finding out what are the next steps when I can't contact the trustees.

    I know a few years back some trustees went to prison for spending an inheritance they were meant to look after.

    Can anyone with knowledge of law help me?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I think this is the case i'm talking about.

    http://news.bbc.co.uk/1/hi/england/manchester/8178994.stm

    I have a terrible feeling this is about to happen to me.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hey there,

    Good to hear from you but sorry for the continued problems you're having.

    I'm not sure of the law in this area in much detail and it seems as if you need expert advice. It might be an idea to contact a solicitor who can look into this matter for you in a lot more detail.

    You can use the Law Society website to search for solicitors in your local area; select 'Trust law' in the 'Area of law' field.

    Hope you find some answers soon.

    :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I finally got in contact with them, apparently a relative had died and they were in Ireland.

    They have told me they should “keep some back” in case my dad’s other brother wants to contest it because the house was their mum's before my dad took over.

    Can they contest the funds being released to me even AFTER the date with which they are supposed to be released?

    The trustee has said they “can’t release the funds” to me while her brother may want to contest it, apparently they need to keep some back in case he will.

    How can I get control of the funds when the trustee refuses to release them?

    They believe the house(which was in my grandmothers and fathers name), should have been split between them once my father died(he took over the mortgage).
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    You won't find specialist legal advice here, I suggest that you look at the Law Society, as L1ttleOne suggested, or try the Citizens' Advice Bureau, who might be able to find more appropriate advice.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    In this case you need specialist legal advice. You can try askTheSite (go to the main www.thesite.org and look for the button) who won't be able to tell you the exact answers, but will definitely be able to give you some guidance and especially direct you on how to proceed.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hi guys.

    I feel I should continue this thread because there is a lakc of information online about this type of thing so hopefully this thread will be of use to someone in the future.

    I spoke to several solicitors and without paying the extortionate fees I squeezed the information out of them :).

    Since my last post I managed to contact the trustees again. They had apparently been in Ireland at a funeral.

    To cut a long story short, my Auntie(the trustee) gave me a sob story i've heard three times now about how my dad pushed them out of the family home and that the grandmother said it should go to her etc etc. She does have a point that there was a big dispute with my dad over the house.

    But my Dad went guarantor with my Grandmother so she could buy the house and after my Grandmother died my Dad paid the mortgage for another 15-20 years, more than what my Grandmother paid. So they have no claim to the estate.

    My auntie is telling me that my Uncle is now putting pressure onto her because he wants to contest the will. My Uncle is an arsehole who pushes people about so they obviously think i'm a pushover(lol).

    Now my auntie specifically said that she will "sort the money this week", but she will "have to keep some back" in case my Uncle contests the will. She also said that if my Uncle contests the will, then the money will be tied up for years and the solicitors fees will be very high. She said my Uncle has the bets solicitors and a lot of money so "he will win, because **** always wins".

    So basically i'm being blackmailed. However i've been around the block a few times now and I run my own business so I told her that she can tell my Uncle to contest it, that's fine. I also said i'll find get advice from my solicitor about this. I told her that I had tried to stay away from using solicitors and opted to contact her by phone, I also haven't asked for accounts of every year showing the balance and interest earned but if they go down this route and contest the will then i'll be forced to ask for the accounts.

    The thing is, I would place a good bet that they're been taking from the trust left by my Dad for me, but I don't want to have to go and criticize every detail of the accounts unless I have to. I'm perfectly happy to receive the money that's in the account now but they are holding back and refusing to give me the money. It is now over a month since the date the account should have been paid to me.

    I consulted the solicitors and there is no way he can contest a will that was put into action 11 years ago. Under the inheritance act of 1984 the will must be contested within 6 months of the representation of the account. The person contesting the will must also have been financially dependent on the will maker.

    So I have clear evidence right now that these people who are supposed to be my flesh and blood have the audacity to lien and try and take the money away from me which my father wanted me to have. They obviously believe i'm stupid enough to fall for it.

    I don't want to get nasty with these people, there are even things I want to ask them about my Dad(I didn't live with him). But i'm being forced in to a corner where I need to start fighting back. I've listened for hours on end to the same stories on the phone from my auntie and i've not said much, giving them space and time to sort this out for me knowing that they are bitter over this being their family home's net worth.

    I believe there is quite a few thousand pounds missing form the trust and I know of items and pensions which have not been mentioned. The numbers don't add up.

    I'm expecting my Uncle to do some threatening next, he's that type of idiot. He threatened to break my mothers legs just after my Dad died because he wanted money from the fund. The good thing is, he knows nothing about me and he doesn't know what i've been through and the people i've dealt with in the past. So when he does threaten me I know that this is his last straw, he has nothing legal or solid to use to get the money. Which means i've won.

    What I need to do now is find out how I can enforce my Aunties legal obligation to release the funds to me. Even if they don't have a leg to stand on, they will make it as slow and difficult as possible. So I need to know what I can do if the trustee simply will not put pen to paper, even if I get a solicitor and send them letters.

    I've tried to make this as short as possible, there are a lot more details I could explain. When I spoke to a solicitor, they told me this is a very rare case so I think it is important I create this thread to help others in my predicament. Thesite.org shows up in a lot of Google results.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    You can file with the small claims court for a very modest fee....
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    You can file with the small claims court for a very modest fee....

    The only thing with that, there is a maximum limit of the small claims court and this sounds like it goes way over that limit.

    Personally, I know the lawyers are expensive but just get one, pay the fees and let them deal with it, maybe also work hiring an accountant to go through all the statements for the trust to find the missing money.

    Honestly, it sounds like they do not care, nor have respect for you, I appreciate you are tip toeing around this with them with great care, but they're trying to fuck you, the moment a legal document from a solicitor they know they're screwed which is why they are going after you personal, "someone with less experience/knowledge"

    Good luck bud, and if it's millions, I want a chunk :razz:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If it was millions, I actually would but unfortunately it isn't :(

    Hopefully the money will give me the ability to start a new business and once i'm rich I can do what I really want to do. Start raising awareness for animal rights/animal testing.

    The trustee is now not answering the phone again.

    I can't believe that they have the audacity to actually think they can hold this money from me. It will be much easier on them if they just give ti to me, because they will only end up in court where they will pay my fees and I will be scrutinizing every detail of the accounts. It is really getting on my nerves.
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