Possible trustee fraud - need advice

[Lucky4Seven]

So my mother passed away in July 2019.

In her wisdom, she put my share into a Discretionary Trust.

In the terms of her will, I was to be given "loans".

The trustees explained it was worded like this so that I didn't have to pay tax.

She also wrote me a letter seperate to the will saying she wanted me to have a monthly income, which has not materialised, as the trustees won't pay me any money, and nor will they except her letter

For the past year, I've employed a solicitor to help with stuff.

This is where I now have concern.

When my mum and dad got divorced a few years ago, mum had a pension worth £250K as part of her divorce settlement.

In total, at the time of her divorce, she was worth £1.2 million.

What has come to light is deeply concerning.

I have received a copy of so called trust accounts, but the figures just don't tally up.

At the time of Probate, mum's house was valued at £500K.

I have a document from the Land Registry, which clearly shows my brother only paying £306K for the house, underpaying for the property.

However the brother failed to pay this full amount into the Trust, thus causing a shortfall to the Trust of £112K unaccounted for.

He has provided no explanation of this when he was asked.

Secondly, in my mother's estate accounts, her pension of £250K was not listed, and also remains unaccounted for.

My brother has not been open and honest from the start with figures.

My brother has now stopped communication with my solicitor, and furthermore is still refusing to cooperate for me to have a distribution.

I am registered disabled, and have multiple health problems, I feel that I am suffering from financial abuse, and been defrauded out of money for no good reason.

Would this be a case of fraud the house purchase and missing assets ie pension?

[Sam101]

First of all, who are the Executors of your Mothers Will and do you have a copy of that Will. If not, I suggest you obtain a copy from the Probate office so that you will be aware of the exact terms of the Will or possibly from the solicitor. Is the solicitor an executor or a Trustee?.

Next, the executor/s will be legally responsible for the administration of your Mothers Estate, although it will be the Trustees, who are legally responsible for managing the Trust, which would include making any payments that were specified in the Trust wording.

When your Mother died, was she the sole owner of the property or was your father still a part owner, possibly as tenants in common?

There could be a number of reasons why you have not received any payments or loans if you have requested them, although the letter of wishes is only 'that' wishes for the executors to act upon. bit that they MUST act on.

These questions are important and if you can answer them, then I or other members of the forum will try to help.

Sam

[Lucky4Seven]

First of all, who are the Executors of your Mothers Will and do you have a copy of that Will. If not, I suggest you obtain a copy from the Probate office so that you will be aware of the exact terms of the Will or possibly from the solicitor. Is the solicitor an executor or a Trustee?.

Next, the executor/s will be legally responsible for the administration of your Mothers Estate, although it will be the Trustees, who are legally responsible for managing the Trust, which would include making any payments that were specified in the Trust wording.

When your Mother died, was she the sole owner of the property or was your father still a part owner, possibly as tenants in common?

There could be a number of reasons why you have not received any payments or loans if you have requested them, although the letter of wishes is only 'that' wishes for the executors to act upon. bit that they MUST act on.

These questions are important and if you can answer them, then I or other members of the forum will try to help.

Sam

Firstly, my brother and her financial advisor are the executors and Trustees.

Secondly, my mother lived on her own, and was sole owner/occupier of the property.

I've had this letter mum wrote look at by an experienced barrister whom my solicitor uses, and he's sadly confirmed its not deemed enough to be classed as a letter of wishes.

Basically my mother died in hospital after heart surgery, she failed to update her will with her intentions for me to have my money monthly instead of one lump sum.

I have pure resentment against my brother, he earns £50K a year, mum gave him his money with no issues, but took mine away from me leaving me on benefits.

My benefits are not means tested.

The Will in my view in invalid because her financial advisor was an influence over my mother, she did everything through his firm, and I believe it was him who told her to put my money into Trust.

The Will makes it clear I am to receive "loans", however I';ve not had no money at all in the nearly 3 years since mum died.

My solicitor is currently trying everything to get the Trustees to co operate.

Any advice on how to do that?

My brother is seemingly allowing me to be financially destitute, he is aware my benefits under under review and my payments could stop at any time, but clearly doesn't care.

[DE DOGS]

Family and money, saying goes, been there got the shirt, as have many others, sorry to say this as also it's my brothers so have I. It`s money afraid there is no principle. Good luck may I wish you well and hope you resolve the problem, but it will never be the same.

[Sam101]

Thank you for your reply. You did not say if you or your solicitor have a copy of the Will as it is very important to know the exact wording. If your mother wanted you to have money then it seems that your brother has prevented this but only the actual wording could show this.

Sorry to ask, but how long was your mother in hospital with her heart problem and could it be that she was not clear in understanding what her Will and the Trust were to do. At what age did she die?

Do you know, or can you find out if the financial adviser was an Independent Financial Adviser working on his own or representing a particular firm. The reason I ask is that when I operated as an IFA within one company, there was a strict rule that we were advised never to act as an executor of a clients Will or a Trustee of a clients Trust to avoid a conflict of interest, which acting as such is deemed to be. Possibly an important point for your solicitor to be aware of.

As you have had a number of threads started regarding this Will and have a solicitor involved, I will leave it to you to progress matters as I have hopefully added matters to consider. Good luck with your claim.
Sam

[des8]

Lucky4Seven you have started multiple threads (14 I counted) regarding your problems with your mother's will and the trust fund.
Please please keep to one as constantly going back to refresh memory is very tiresome.

[Lucky4Seven]

Thank you for your reply. You did not say if you or your solicitor have a copy of the Will as it is very important to know the exact wording. If your mother wanted you to have money then it seems that your brother has prevented this but only the actual wording could show this.

Sorry to ask, but how long was your mother in hospital with her heart problem and could it be that she was not clear in understanding what her Will and the Trust were to do. At what age did she die?

Do you know, or can you find out if the financial adviser was an Independent Financial Adviser working on his own or representing a particular firm. The reason I ask is that when I operated as an IFA within one company, there was a strict rule that we were advised never to act as an executor of a clients Will or a Trustee of a clients Trust to avoid a conflict of interest, which acting as such is deemed to be. Possibly an important point for your solicitor to be aware of.

As you have had a number of threads started regarding this Will and have a solicitor involved, I will leave it to you to progress matters as I have hopefully added matters to consider. Good luck with your claim.
Sam

The Financial Advisor was independent and owned his own firm, I have seen his qualifications.

The company is liisted on at Companies House.

This Financial Advisor heavily influenced my mother and I believe it was him that suggested this Trust, so that he could possibly benefit by claiming a yearly fee.

Mum did everything through him, her will, life insurance, etc etc.

I'm wondering if the will could be deemed invalid due to a conflict of interest not only because of the financial advisor but my brother also.

Mum was 75 was she died.

The solicitor does have a copy of the will it clearly states I am to be given "loans" and that it was put into a discretionary trust clearly for my benefit.

She was in hospital for several weeks as she had to have allergy testing done, complicated, she died during surgery.

She wrote me this letter that was dated well after the will, the Trustees are refusing to accept this letter, and this is why she should have updated her will before her operation, to make it clear I was to have my money every month.

Another question I would like to ask, I am registered disabled as I am medical retired from working, and I have 13 ongoing medical conditions, 1 of which I was born with a rare genetic disorder.

Could I claim against the trustees that they are depriving a disabled person out of money, can I make a claim either under the Equality Act or Disability Act as I feel I have suffered from financial abuse by the trustees refusing to pay me?.

[Sam101]

NO, the Will wording is needed, do you have copy?

[Lucky4Seven]

NO, the Will wording is needed, do you have copy?

Yes I have a copy of the Will and it clearly states I am to be given "loans" and that the discretionary trust is for my benefit only.

[Lucky4Seven]

Is there specific legislation in the UK, advising independent financial advisor not to become executors or trustees for a clwient's estate which I can use against this individual or to seek about getting the will made invalid!?

[Sam101]

I believe it may be individual firms rules, but would hope that by now it had become mandatory for all firms. Where the reward or otherwise depends upon the relationship the adviser has with the "principal' client, then there may be influential choices. In this case was the adviser working for both the brother and the mother? Up to you to find out and pursue this train of thought if you wish.

[Lucky4Seven]

I believe it may be individual firms rules, but would hope that by now it had become mandatory for all firms. Where the reward or otherwise depends upon the relationship the adviser has with the "principal' client, then there may be influential choices. In this case was the adviser working for both the brother and the mother? Up to you to find out and pursue this train of thought if you wish.

My mother relied on this financial advisor for everything., she also discussed things with the brother at length, brother claimed he had no knowledge of what she did but I don't believe him at all.

How would I find out?

Could I ask the Financial Conduct Authority!?

[Sam101]

You could

[Lucky4Seven]

Could I get the Will deemed invalid if I can show the financial advisor should not have been executor and trustee!?

[Sam101]

Very doubtful