I am a beneficiary of a trust: help required

[mywilderness]

I seeking help about a trust which I am a beneficiary, which was set up around 1994. I would have been around 30 year old, when I was named as a beneficiary in my uncles will.

My two brothers, are trustees of the trust, and recently one of my bothers thought, it was the right time to end the trust, but the other brother disagrees with this

Now I have no idea, on my legal rights, like could I end the trust my self, with out going through the trustees. And if I was able to do this, how would I go about this, like do I write to the bank, which holds the funds

Some information is to sensitive for me to post on here, so if anyone can help, would send you further details in a pm

[Sam101]

Only Trustees can end a Trust and as a beneficiary of the Will, your only rights are your inheritance when it is due and no other rights unless you know that the executors and Trustees are not doing their duty.

Do you have a copy of the Will r have you seen the terms of it. This is important as you need to understand that your inheritance is what is stated in the Will. If Probate was granted when your Uncle died, you will be able to obtain a copy of the Probate and the Will by applying to the Probate Court. I believe the fee is about £3.

No need to post any sensitive information, but the more you give, the more the members of the forum may be able to help.

[des8]

The sole beneficiary of a trust of adult age and of sound mind can order the trust terminated and assets transferred to the beneficiary Saunders v Vautier (1841) 4 Beav. 115

All you need to do is write tothe trustees directing them to end the trust and transfer the trust property to yourself absolutely.

Of course if they refuse, it becomes more difficult and in the end you might need a court order

[atticus]

Is the OP the *sole* beneficiary? He says that he is *a* beneficiary.

[des8]

True, we don't know.
I was just pointing out that contrary to Sam101's post a beneficiary can terminate a trust.
If there is more than one beneficiary, and they are of one mind, they can terminate the trust by acting together

[dslippy]

He doesn't actually say that the uncle has died, though that may be implicit. On that assumption the rights will vary accoring to the exact terms of the will. The term 'trust' in this case can have wide vaariations in meaning. See for example 'precatory trust'. Is the trust discretionary? What do other beneficiaries say?
It sounds as if it should indeed be resolved, but the exact terms may make that much clearer.

[mywilderness]

Further details:

The brother who is also the trustee, recently fell out with family members, and is now in dispute with us

From what I have read, I would believe, yes it sound like my trust is a discretionary trust

My uncles passed away in the mid 90's and left me a substantial inheritance, invested in a saving account. In the mid 90's the interest rate was very good, and the saving account got good return

The trust was set up, as I wasn't good at saving money, when in fact I ended up gambling all the time, sometime including my job seekers allowance

I was unemployed for most of my youth, and not until I reached 45 I found my self a full time job, and now have been fully employed now for 20 years

I now manage my own finances, and even put funds away, to be saved for a later date

The brother who is the trustee, and refusing my request, I had written to him two weeks ago to request the trust be closed and ended, so far nothing has been transfer. Intending to follow this up with second letter, to find out what the trust conditions are, and could I ask my brother (trustee), why has he refused my request

If I want to end the trust my self, and depending on what type of trust is in my name. It seems this could be done, without going through the trustees, so in away would this mean, if I write to the bank, can this request be put through the bank, but along with id like a passport

Another thing I read online, if I was to seek legal help, through a lawyer, does the fee come out of the trust

[des8]

You have to go through the trustees as they have control of the account.
I doubt the bank will just say "here you are, here's the money" even if you provide a passport.
The transfer of funds order will need the trustee's signature, or a court order.

You are the sole beneficiary of a testamentary trust.
In his will did the settlor state what the material purpose of the trust was?

Whilst in earlier posts it was pointed out that beneficiaries had the power to terminate a trust, this was a generality.
For example where the trustee has active duties, the trust is not terminable as a matter of right at the demand of the beneficiary,

Trust law is complicated and I would strongly advise you take professional advice.
Obtain a copy of the will (£1.50 here https://www.gov.uk/search-will-probate) and have at least an initial fixed fee (or even free consultation if you're lucky!) with a solicitor to see what your options are.

[mywilderness]

To everyone who has replied to my thread, I thank you, and this has given me, some where to start, and possibly seek legal advice

[des8]

good luck
if you require further pointers don't hesitate to come back to this thread

[dslippy]

A precatory trust is where money is put in trust for somebody but done in such a way as to protect the fund from that person - if for example they have known gambling issues.
That may be the case here - we really do not know. Get the will, as said, and get proper advice. It may (I do not know) have been set up to achieve the exact result it is achieving. It may be designed to be resistant to the standard measures about which ypou have had advice above.
If so it might still be resolved but by negotiation with the trustees.

[mywilderness]

If seeking legal advice from a lawyer, the lawyer fee, who pay for these fees

Is it my self, out of my own earnings, or am I with in my right to use the trust fund, to pay the lawyers fees

[dslippy]

You are the solicitor's client, you pay the fee. You might seek to recover it in due course from the trust fund.