Hi serena

Sorry to hear about your father and hopefully we can keep you right on this.

As it stands, the house is not part of the trust deed. Should anything happen before the discharge of the trust deed, then it can & will form part of your assets and your share will come under the control of your trustee.

The only option you have is to have your name withdrawn from the will or put in trust for another person as a safeguard. This is perfectly fine. I know in the current circumstances it will not appear ideal and it will involve the changing of a will, but honestly if explained, it's a fairly easy process and will provide you with all the safeguards required.

I really hope this helps

Mark

Welcome to the trust deed forum serena.

I'm sorry to hear that your father is so unwell. You must be having a tough time of it at the moment.

If the worst were to happen, I guess you'll need to work with the equity release lender in terms of the sale in order that they can be repaid.

In terms of your trust deed I think you may be wondering what will happen to the proceeds of the sale (if that has to take place before your trust deed is dicharged) assuming there is a surplus once the mortgage lender is repaid? Also, perhaps what would happen if a sale had not been completed when your monthly contributions to the trust deed have ended?

An inheritance would normally need to be paid into a trust deed. My understanding is that the key date is that at which you become entitled to an inheritance, rather than the date upon which the cash from such an inheritance is paid to you. If this is correct I would think a Trustee might look to keep the trust deed running until the inheritance is actually available.

It would be good if Shona, Kevin or Mark could confirm (or deny) these comments though and perhaps share how they'd look at such a scenario.

EDIT - Mark and I appear to have been writing at the same time.

Yes, trust deed assistant is right - if your father sadly dies before the end of your trust deed then the trustee will have to seek the equity towards your trust deed. If that is more than enough to cover the outstanding debt plus interest and the trustee's costs then you will get back any remainder, serena. If the house is not sold before the trust deed is due to end then the trustee wil stay in place until that equity has been realised.

Mark makes some good suggestions, though I appreciate it might be a difficult conversation to have given your father is so unwell