Declaration Of Trust for Property

[Shabs83]

Hi,

I need some advice. There is a Declaration of Trust between my parents dated in 1984 when a property was purchased with funds provided by my mother (the buyer), and my father acting as Trustee for my mother. Tjhis property was registered in my fathers name with Land Registry. Anyhow, due to old age, my father wishes to retire as a trustee, and my mother has decided for 2 of my siblings to act as Trustee for this property on her behalf.

The title of the property has just been transferred to my siblings with the Land Registry. We are unsure what documents are required to effetc this change

My question is, what documents are required to effect this change of trustee. Would it be a new declaration of trust? Or would it be a deed of retirement of trustee and appointment of new trustee?

Can someone please advice us on the correct documentation required, and where to obtain these documents. We are trying to save on unnecessary legal fees.

Thanks

[Sam101]

The existing trustees create a document that states their full names and addresses and confirms the details of the existing trust. Go on to say that the trustees of ...xyz... trust met to agree that (father) now wishes to retire and the existing trustees have agreed to appoint dddddddd and ggggggg of (addresses) as trustees for the yyyyyyy trust.

In reality, after the initial trust was created, the trustees should have held regular, minuted meetings concerning matters related to the trust and its assets. I hope that the new trustees will do this as part of their required duties as trustees.

No need for any more formal documentation, but do keep all minutes of meetings and letters like this together.

Not sure if your trust needed any HMRC reporting on accounts? Do not understand why the property was registered just in your father's name. Any reason for that, as joint ownership would have seemed more appropriate?

Hope this helps.

[dslippy]

If you say there is a trust you must have two names on the register. HMLR will not allow a single trustee. Something went wrong.
The documents need to be double checked.
If there is a trust other than a joint tenancy which applies here, then there should be a restriction on the title requiring a receipt by two trustees.
There should be a relatively simple way out of this, but it needs a lawyer to look at the existing trust deed and the title, and to draw up a transfer and a new deed of trust.
It is tempting just to get a TR1 and a trust deed, but I would not do that unless it was clear that you can show the error a clean pair of heels.