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I am one of two trustees of a discetionary trust. It has been…

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I am one of two...
I am one of two trustees of a discetionary trust. It has been agreed that the trust accepts a 'charge' on the property of a survivor as 'tenants in common' in which the total net probate figure will be invested.
If we were to need legal advise what is the normal way of paying for this as we do not have access to funds ?
Submitted: 8 years ago.Category: UK Law
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Answered in 13 hours by:
6/24/2010
Solicitor: Chris_H, Solicitor replied 8 years ago
Chris_H
Chris_H, Solicitor
Category: UK Law
Satisfied Customers: 1,082
Experience: Solicitor with 10 years experience in Commercial, Property and Consumer Legal Isssues
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What are you seeking legal advice about - in connection with the initial setting up of the trust or has a problem arisen subsequently?
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Customer reply replied 8 years ago
No problem has specifically occurred . I want to know what is usual if the trustees want to spend money on advise - who's money pays for it ?
Solicitor: Chris_H, Solicitor replied 8 years ago
The trust monies would pay. In the event that you could not release monies with which to pay for it, e.g. by asking the spouse who continues to reside in the house to pay a bit off the loan then ultimately the only way it could be done would be to realise the loan, i.e. sell the house.



In practice, it is not normally necessary to obtain legal advice in a straightforward NRB discretionary trust so it doesn't arise, or the spouse just pays.

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