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Senior Partner
Senior Partner, Solicitor
Category: UK Law
Satisfied Customers: 13231
Experience:  30 years experience in business law and related topics such as employment law
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I am beneficiary along with 3 other members of family for a

Resolved Question:

I am beneficiary along with 3 other members of family for a piece of land left to us in trust some years ago, 2 of the beneficiaries are also trustees both with larger percentage share of land than me & the fourth member.Over the years we have had several interested parties to purchase said land but the trustees have never been able to agree & these opportunities have passed us by. We now have an offer, considerably less than some pervious offers over the years, but have been advised that this is a good offer in the current market.Once again the two trustees who will benefit can't agree & despite myself & the other beneficiary wanting to sell, they are not keen.Where do I stand, what can I do?
Submitted: 8 months ago.
Category: UK Law
Expert:  Senior Partner replied 8 months ago.
Thank you for your question What are the terms of the trust? How did it come about - was it a will trust. Does the land generate any income?
Customer: replied 8 months ago.
A will trust, no income generated.
Expert:  Senior Partner replied 8 months ago.
And what are the terms of the trust?

Normally if an asset is left in a will to beneficiaries in shares, the "trustees" are also the executors and their obligation is to sell the assets an distribute the proceeds. It is only if the asset(s) are expressly held in trust for some purpose that they should be held. So the overriding obligation on the executor trustees is to sell.

If they fail to do so they are in breach of duty. Ultimately it is possible to go to court and get an order for sale and also to replace the trustees.

Customer: replied 8 months ago.
The Trustees have had various good offers over the years & always failed to secure one or have not agreed with one another on the amount offered. Now 30 years on they have an offer considerably less than all of those & are now asking me if I want to sell?!
Surely they should have seriously considered offers earlier in offer to achieve the best price for the land?
Expert:  Senior Partner replied 8 months ago.
So they have held this land for 30 years? As I said it depends on the terms of the trust but if it was on trust for sale then they should have sold for the best reasonably available price as soon as practicable. If it should an asset held within the trust then clearly in deciding to realise it they need to exercise proper skill and care in doing so but if you want to sell and it is a good price in the current market then they should sell.

Trustees need to act independently and on advice so they are seen to act for all the beneficiaries not just themselves
Senior Partner, Solicitor
Category: UK Law
Satisfied Customers: 13231
Experience: 30 years experience in business law and related topics such as employment law
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