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Where would be the best place to request some advice re the closure of Discretionary Trust please.
I shall write a few facts and expand later.
In 2021 my son and I purchased a house together and just prior to this we set up a Discretionary Trust with £10 then added the property on completion.
My reason for setting it up was to safeguard us both from either wanting to sell it at a future date. I feel i have been very naive as now my son has a partner and a child and it makes sense for them to buy me out so to speak.
We have asked a Solicitor to dissolve the Trust so that my son and partner can get mortgage on the half they will purchase from me.
My Solicitor has drafted an Appointment and Deed of Indemnity for us both to sign stating my son as the Beneficiary and on theTR1 and ST5. However my son and partners Solicitor have named the both of them on the TR1.
My Solicitor has been rather curt with me when I addressed this issue few weeks ago.........he asked me for proper instructions so this is what we requested .
"My son and I would like to instruct you to dissolve the Family Trust.
He and I, as Trustees, have come to an agreement to dissolve this trust as the beneficial interest has come to an end. He and I require freedom to use the assets including the property of *********** Road as per our current needs.
Please could assets within the trust be distributed to the trustee’s, both myself and son, as equal owners of ********** Road.
I would be grateful if you could outline rough timescales for this instruction .
On our initial discussion a few weeks ago you asked what I wanted and I did say that we wanted the easiest way to close the Trust ..
No further action will be taken on the transfer of equity until this issue is resolved"
Please advise where best to post this
Many thanks in advance.
I shall write a few facts and expand later.
In 2021 my son and I purchased a house together and just prior to this we set up a Discretionary Trust with £10 then added the property on completion.
My reason for setting it up was to safeguard us both from either wanting to sell it at a future date. I feel i have been very naive as now my son has a partner and a child and it makes sense for them to buy me out so to speak.
We have asked a Solicitor to dissolve the Trust so that my son and partner can get mortgage on the half they will purchase from me.
My Solicitor has drafted an Appointment and Deed of Indemnity for us both to sign stating my son as the Beneficiary and on theTR1 and ST5. However my son and partners Solicitor have named the both of them on the TR1.
My Solicitor has been rather curt with me when I addressed this issue few weeks ago.........he asked me for proper instructions so this is what we requested .
"My son and I would like to instruct you to dissolve the Family Trust.
He and I, as Trustees, have come to an agreement to dissolve this trust as the beneficial interest has come to an end. He and I require freedom to use the assets including the property of *********** Road as per our current needs.
Please could assets within the trust be distributed to the trustee’s, both myself and son, as equal owners of ********** Road.
I would be grateful if you could outline rough timescales for this instruction .
On our initial discussion a few weeks ago you asked what I wanted and I did say that we wanted the easiest way to close the Trust ..
No further action will be taken on the transfer of equity until this issue is resolved"
Please advise where best to post this
Many thanks in advance.
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