Thank you for your question. A trustee never has beneficial ownership of a fund as trustee. The trustee would need to be a beneficiary of the trust as well. If someone sets up a trust fund before their death then that fund will not constitute part of their estate for the purposes of the will ( although it might for Inheritance Tax purposes depending upon when it was set up). So a beneficiary of the estate would not be entitled to part of a separate discretionary trust. If the stockbroker account was simply a discretionary account for the deceased that might be different. If there are conflicts with the lawyer carrying on the probate then perhaps the executors should instruct someone else
The discretionary account was set up and left "open". As far as I know, there are no named beneficiaries. The trustee is taking it as hers because of this. We think the deceased, my father had every intention of making it more sound, but was suddenly taken ill and died unexpectedly. His partner (they never married) is the sole trustee. My sister and I are both 25% beneficiaries of his entire estate, but if this is excluded then I am confused as to why it was listed amongst his assets when probate was declared. Matters are complicated further by my Sisters' assertion that the purpose of this trust was to educate her child - so believes a large proportion of it should go to her - although there was no mention of this in the will. Is it worth contesting as the trustee is not the beneficiary as far as we know, but her solicitor seems to assume she is?
I have a further, related question. My father left a clear will leaving 50% to his partner and 25% each to my sister and I. He also left a wish list which identified certain possessions and indicated what he wanted done with them. This included a Mercedes Car worth approximately £80,000. The wish lift defined that he wanted this to be given to his partner, which is fine, but is this included in her 50% of the estate or is it in addition?. Right now, she assumes it is an addition, to the 75% she already has (if she takes the trust fund discussed earlier)
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