Hi stretch46

This is called acquirenda and belongs to the Trustee, however I always think there should be room for negotiations in these things.

Best to discuss it with the Trustee.

Mark

hi, is your partner in a trust or is it just you? If it is just you then i think you wilk be ok. if its your partner then i don't think you'll have much luck i'm afraid. Not sure if there are any ways to get around the inevitable

Hi Again , thanks for the replies....it is both of us in separate trust deeds .
It looks like we will just suggest to the family that if any money is to come our way.......they can just divide it amongst each other !! Theres no point us accepting it to just pay it to our creditors ?

Thanks .

is it possible to do that? I'd be intrested in finding out from other members what percentage, if any, was retained through negotiation with their trustee. Also, is a partner entitled to half of any share?

Hi stretch46

If you do as you suggest and your Trustee gets any indication of this, then he can raise legal action against the family member(s) for recovery of the sums.

My advice is that creditors have played fair with you in accepting the Trust Deed and would expect you to do likewise.

Mark

hi mark, is a persons partner entitled to half of any inheritance?

Hi skintally

In a trust deed, no. I would imagine the only viable claim for the other party would be in a divorce action or similar.

Mark

Hi , I was meaning before we were given any money from the solicitor the family could just keep a slightly larger share ? How would the trustee find out about the will anyway ?

Stretch .

Hi stretch46.

Presumably under a will, or the law, your partner is either due an inheritance or not.

I can understand the sentiment of a preference to keep money in the family, but if an inheritance is due to your partner it vests in the Trustee.

Failing to abide by that part of the trust deed (if there is an inheritance) risks serious consequences for your partner and is also totally unfair on the creditors who agreed to a trust deed becoming protected partly because they'd get more of their money back if such a windfall arose.

Of course deciding whether or not to disclose the inheritance is a matter for your partner only in the end.

Another question on this topic. I have applied for a trust deed. The notification has been in the paper and creditors will be notified this week. The value of the trust deed is £31,000. It now seems likely that I am going to inherit about £40,000. Does this mean that £31,000 will go to the trust deed and I will get the remainder? What are my options?

Welcome to the trust deed forum Dollar.

My understanding is that if you've signed the trust deed and it has been advertised in the Edinburgh Gazette (I think this is what you were referring to about the paper?), that you are now bound by its terms.

That means an acquired sum of money or assets, such as an inheritance, would vest in your Trustee for the benefit of your creditors.

I'm imagine that the end result will be that the creditors will be paid in full, a fairly small amount of interest will be added (assuming your inheritance will be received soon?), and the fees of the Trustee will need to be paid.

Hopefully there will be a sum of money left over for you after that.

I hope Kevin, Shona or Mark will be able to confirm this soon and add any further information that they consider to be relevant.

Trust Deed Assistant is right. Hopefully the trustees fees would still be quite low too given it is such early doors.

Hi Again , its been a while since i last posted on this subject. Since then my partner has been told by her solicitor that she has been left £10,000 by her aunt. What is the best way to approach our trustee to see if there is any room for negotiations on the possibility of her retaining a small percentage of the money ? I do understand that our creditors have been fair with us and are generally happy that our debt is the proccess of being dealt with , but my partner is still upset at the loss of someone very close to her and the thought that she wont get anything that her aunt has left in her estate wont go to her or her children isnt the best . What are your thoughts on this subject ?
Thanks .

Hello stretch46.

I think it's likely your partner will have to pay over the full sum I'm afraid. Signing a trust deed means a windfall like this vests in the Trustee; in simple terms it isn't your partners money.

No harm in asking though.

Maybe write to your Trustee personally to let them know about the inheritance and ask the question in your letter?

I do hope I'm wrong.