Hello,
I'm looking for some initial advice on behalf of a friend who has given me permission to act on their behalf.
I will give a summary to find out if this is something I can get advice about here and then can go into more detail where necessary.
My friends father passed away 7 years ago and the Will stated their brother & wife are to setup a trust with their share of the 'inheritance' which is to provide them an 'income'.
I believe this was done because my friend doesn't work, has MH issues and the father was worried may not manage their inheritance properly/for the long term.
Initially there was no need for an income as my friend received the full sum of inheritance from their mothers estate who passed away shortly before their father.
Once the mothers inheritance money ran out, the brother (trustee) begrudgingly made the 'emergency' money available but tightly controlled.
He refused to pay for things like personal shopping, dental work, home repairs, holidays, make money available for special ocassions and would want to see bank statements to see where they are spending money.
Once that money ran out, the brother stated they had gone through the money 3 years sooner than they should have - according to some sort of 'calculation'. (they expected the mothers inheritance to last longer despite it bearing no relation to the fathers Will/estate)
My friend is bankrupt with no savings and their only asset their house which is in a serious state of disrepair. Only income at the time was a small amount of benefits.
They both (my friend & son) started contacting the brother (trustee) that they need an income from their inheritance as per the Will.
The brother (trustee) initially resisted then began stating the trust cannot 'be' or 'easily be' accessed due to the way it has been setup/invested.
Then there was a bit of a bust up with the brother stating he is no longer going to manage the 'trust' and is looking for a solicitor to take it over.
The search for a solicitor took about 4-5 months and one apparently took control of the trust in Dec23 with the heads of the practice becomming the new trustees.
An employee at the solicitor was briefed on the situation and an 'income' was requested asap in Jan24.
That employee has been chased regularly and it is always the same story that they are working on it - 9 months after the request for a trust income, there is still nothing.
My friend now knows where the inheritance was invested and it is in some long term bonds. They have also seen (have a copy of) an email where the brother states to the investment company that an income from the money is not required.
Can anyone provide advice on best way to proceed;
1. Waiting 8 months for the new trustee (solicitor) to fulfil request for an income. (as per Will)
2. The brother stating to the investment company an income is not required.
Before the brother transferred the trust, it was reported to the Police as financial abuse who did nothing/didn't take it seriously.
My friend doesn't have any money to appoint a solicitor.
Any advice appreciated.
Thanks,
Mark
