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Scottish Trust Deed Forum
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Topic starter
19/02/2011 10:37 am
Hi, I am nearing the end of my TD, due to complete March, my mum died in November unexpectedly, the lawyer dealing with mums estate (dad has also passed away) advised that the estate will not be realised for at least 6 months, property has to be sold etc. My sister is the executor. My question is, is it likely I will inherit, but formally this wont happen until at least May. Can you advise if my inheritance will still be seen as partof my estate within the context of Trust Deed?
Help!
19/02/2011 10:55 am
Hi sm009
The inheritance crystallised ( became an asset) in November and will therefore be part of the Trust Deed.
Unfortunately the paying out date of the estate is irrelevant. This is treated as acquirenda which is an asset acquired after the start & before the discharge of the trust deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/02/2011 11:15 am
Thanks Mark, I had to go and have a cry! Is there scope to negotiate with my trust keeping a small amount of the inheritance?
Susan
19/02/2011 11:48 am
Hi Susan
Sorry if I spoiled your weekend.
There's always scope for these things. Not wanting to get too techy for a Saturday, but the Trustee has an automatic right to this in sequestration and Trust Deeds, but if you're honest enough to advise the Trustee about it, I'm sure there would be room for negotiation.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/02/2011 12:20 pm
Thanks for your advice Mark, I feel so bad about getting into this situation and was looking forward to my 'discharge'. Then mum got poorly really quickly and to be honest I never imagined this happening. I will contact my trustee on Monday.
None of my siblings know about my trust deed, would my turstee require to contact my mums lawyer? or the executor of the estate, who is my sister?
Any other advice welcome?!
thanks Susan
19/02/2011 12:56 pm
Hi Susan
The normal process would be for the Trustee to contact the lawyer/executor to register their interest and safeguard the asset.
Unfortunately, it just seems to be bad news, after bad news.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/02/2011 2:48 pm
Thanks Mark, I will contact my trustee and take it from there!
Susan
