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Family Will Trust (Settled Land Act).
My Grandfather put the small family home into a Will Trust some years back, which -after his death in the 80's- gave my Grandmother a 'Life Interest' to live in the property . The will stated that after her death, the house sale proceeds should be preserved for the eventual beneficiaries, their children or surviving issue.
Unfortunately, my Grandmother was diagnosed with Alzheimer's and Social Services have now moved her into a local care home for her own safety. This is partially paid for with a number of pensions and she is fortunately very settled there. She no longer has capacity and her children have a (registered) Enduring Power of Attorney (not a section 25) to manage her Property and Financial Affairs.
My Grandmother had refused all suggestions of maintenance and upkeep to the home in the latter part of her life and the house is in a very poor state of repair. As the will states it must be sold within 12 months of her death anyway (she's +90) refurbishment and retention of the property in the family is not an option.She is still paying out for the bills on this empty house while solicitors are looking at options to sell. There has been confusion and delays due to the Will Trust coming under the Settled Land Act (1925) and 'quite rare'.
The property is registered with the Land Registry to her son in law (who is also Executor and won't benefit from the sale) and her two children. These three individuals are all Trustees of the will too.
What is the most efficient pathway to sell the property? One letter says we might need to apply to the Court of Protection and another says that we need to appoint a Deputy to exercise the tenant for life's powers under the SLA.
Any advice?
Unfortunately, my Grandmother was diagnosed with Alzheimer's and Social Services have now moved her into a local care home for her own safety. This is partially paid for with a number of pensions and she is fortunately very settled there. She no longer has capacity and her children have a (registered) Enduring Power of Attorney (not a section 25) to manage her Property and Financial Affairs.
My Grandmother had refused all suggestions of maintenance and upkeep to the home in the latter part of her life and the house is in a very poor state of repair. As the will states it must be sold within 12 months of her death anyway (she's +90) refurbishment and retention of the property in the family is not an option.She is still paying out for the bills on this empty house while solicitors are looking at options to sell. There has been confusion and delays due to the Will Trust coming under the Settled Land Act (1925) and 'quite rare'.
The property is registered with the Land Registry to her son in law (who is also Executor and won't benefit from the sale) and her two children. These three individuals are all Trustees of the will too.
What is the most efficient pathway to sell the property? One letter says we might need to apply to the Court of Protection and another says that we need to appoint a Deputy to exercise the tenant for life's powers under the SLA.
Any advice?
