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Scottish Trust Deed Forum
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Topic starter
07/08/2017 12:00 pm
This isn't for me but for my dad. My dad got into a trust deed last year while paying his friend money to stay in the caravan and eventually buy it. He has recently purchased it in cash so now he basically owns it. He has it in his name now. In December or January the caravan park are taking his site fees for the year. I'm not saying the name to protect my dad.
So basically can he have his caravan taken away if the trust deed found out by seeing transactions in his bank account to park resorts? Should he inquire and ask the trust deed if that is ok? The caravan was bout for like £1000-3000 I don't know the figure exactly, but can that be seen as an asset?
He let the trust deed know he was paying his friend to stay in the static caravan but not purchasing it. I would have put it in my name but I'm putting myself at risk helping him.
Any help on this would be greatly appreciated.
07/08/2017 12:20 pm
Hello thegaffer_1994.
It doesn't seem very likely that the trustee will want to take any action in respect of an asset of that value, especially given that I understand from what you've written that it's your dad's home.
I suppose that the trustee might have an interest in how the funds were raised to purchase it if the sums involved don't fit in with the income and expenditure budget that was initially agreed.
The only way that your dad can be sure where he stands on this will be to openly run everything by his trustee.
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Topic starter
07/08/2017 12:54 pm
Thanks for the reply, as I said I don't have all the details. I'll let him know to get in contact with the trustee
08/08/2017 11:56 am
That's actually an interesting question. Most standard Trust Deed documents refer to the bankruptcy legislation and say that anything that would not vest in a trustee in bankruptcy is also excluded from vesting in a trustee under a Trust Deed.
A caravan which is also someone's main residence is exempt from vesting in a trustee in bankruptcy, so this should apply to Trust Deeds too and your dad shouldn't have anything to worry about other than explaining where the funds came from to make the purchase.
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