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Tricky situation! I hold a 2/3ds beneficial interest in a Trust in Land. The property is leasehold land with temporary buildings on site.
The last assignment of Trustees was made in 1975 which gave ownership of the title to two individuals. Lets call them Mrs Burns and Mr Hall.
Mrs Burns, who held 2/3rds beneficial interest, died in 2004 before re-assigning her proprietorship (trusteeship) to me, her only son and heir. Being the sole beneficiary of her estate, I inherited the 2/3rds beneficial interest. Following her death, I requested Mr Hall ( who held 1/3rd beneficial interest) to arrange for me to be added on the title as a proprietor. Hall declined to do so because, I guess, he wanted to buy out my interest on the cheap later.
Come December 2020, Hall aged 92 is taken into a care home and gives his son (Hall Jnr) legal power of attorney. Hall Jnr agrees then that I be added as a trustee on the Land Registry title. We both instructed our respective solicitors to arrange this.
However, come February 2021 and before anything was accomplished, Hall Snr dies of Covid without re-assigning his proprietorship to his son or to me. Death brought a halt to the Power of Attorney. The whole thing is in limbo and the trust in land has no trustees.
When Hall Jnr and I last spoke last week , the former said that everything was at a standstill because of the death of of his father and he was awaiting Probate.
The trust document states...........
""The power of appointing a new trustee or trustees hereof shall be invested in the Purchasers during their joint lives and in the survivor of them during his or her life."" Q1 = does this override standard law and id the trust extinguished?
Hall Jnr wants to dispose of his father's entire estate including the 1/3rd beneficial interest as soon he gets probate. He does not want to sell his 1/3d to me as he thinks the land enhances the sellability of his fathers house - even though the sale of the house and his 1/3rd of the land are not linked in any way and so would be separate transactions. Hence he does not want to sell to me and he doesnt want o buy my share and I dont want to sell.
Q2= What happens now?
The last assignment of Trustees was made in 1975 which gave ownership of the title to two individuals. Lets call them Mrs Burns and Mr Hall.
Mrs Burns, who held 2/3rds beneficial interest, died in 2004 before re-assigning her proprietorship (trusteeship) to me, her only son and heir. Being the sole beneficiary of her estate, I inherited the 2/3rds beneficial interest. Following her death, I requested Mr Hall ( who held 1/3rd beneficial interest) to arrange for me to be added on the title as a proprietor. Hall declined to do so because, I guess, he wanted to buy out my interest on the cheap later.
Come December 2020, Hall aged 92 is taken into a care home and gives his son (Hall Jnr) legal power of attorney. Hall Jnr agrees then that I be added as a trustee on the Land Registry title. We both instructed our respective solicitors to arrange this.
However, come February 2021 and before anything was accomplished, Hall Snr dies of Covid without re-assigning his proprietorship to his son or to me. Death brought a halt to the Power of Attorney. The whole thing is in limbo and the trust in land has no trustees.
When Hall Jnr and I last spoke last week , the former said that everything was at a standstill because of the death of of his father and he was awaiting Probate.
The trust document states...........
""The power of appointing a new trustee or trustees hereof shall be invested in the Purchasers during their joint lives and in the survivor of them during his or her life."" Q1 = does this override standard law and id the trust extinguished?
Hall Jnr wants to dispose of his father's entire estate including the 1/3rd beneficial interest as soon he gets probate. He does not want to sell his 1/3d to me as he thinks the land enhances the sellability of his fathers house - even though the sale of the house and his 1/3rd of the land are not linked in any way and so would be separate transactions. Hence he does not want to sell to me and he doesnt want o buy my share and I dont want to sell.
Q2= What happens now?
