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Ben Jones
Ben Jones, UK Lawyer
Category: UK Law
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My interest is clause 4. To reiterate, one obvious

Customer Question

Michael, my interest is clause 4.To reiterate, one obvious 'power' of a beneficial owner is setting the selling price; however I agree there is also a "Duty to the Beneficiaries". Which takes priority? In your experience, is selling undervalue a 'naïve argument' that will not hold up in Court?Alternately, what might be the consequence of selling undervalue since: a) the Trustees have no funds to recompense the beneficiaries, hence litigating (bankrupting them) will be pointless b) does the Court have the power to repossess the property if sold undervalue?Alternately, the Trustees could sell at market value; however offer a private 20 year mortgage @ 0.5% interest fixed. Low interest over a long period will effectively block the Beneficiaries by postponing payment of capital. Is this permissible?My mother needs funds for her Care Home. Her lost asset is the house. My father and I want to 'bust the trust', sell the house, and use the funds to pay for Care. My brothers object. We naturally don't want to break the law hence I am exploring how the Trust might bend. How much experience had you had with Trusts? How can I explore options?
Submitted: 1 year ago.
Category: UK Law
Expert:  Clare replied 1 year ago.

Hi

Thank you for your question

My name is ***** ***** I shall do my best to help you

I note that there is a Declaration of Trust - but how does it say the proceeds of sale are to be divided?

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