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4 siblings left quarter share, 2 in a trust.....

Discussion in 'Wills and Estate Planning Law Forum' started by Angelaob, 4 November 2017.

  1. Angelaob

    Angelaob Member

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    The story is 4 siblings get equal share of shares, 2 were left the shares to do as they please and the other 2 were left as worded further on. . I need to know if the 2 trust siblings can sell any shares and claim the cash or entitled to the interest/dividends only. Here is the exact wording with names changed.

    :1 quarter to FRED to have the use and occupation during his life and I empower my trustee at FREDS request to employ the proceeds of such sale in the purchase of alternative shares to be held upon the same trusts including the trust for sale and purchase as are herein declared in respect of the said shares in which have an interest at the date of my death and to invest any excess funds arising out of such a sale and to pay the net annual income arising therefrom to my said son FRED during his life and I direct that on the death of Fred my trustee shall stand possessed of my of my interest in the said shares or the proceeds of said shares or proceeds of sale thereof UPON TRUST for such of them My grandson SIMON who shall be living at my death etc.....

    Also the trustees are the 2 that didnt get theres in a trust. Thankyou so much for any clarification you may provide me.
     
  2. Rob Legat - SBPL

    LawTap Verified Lawyer

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    Is this a study question, or a real occurrence?
     
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  3. Angelaob

    Angelaob Member

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    Real and happening now. It is quiet strange, any opinions may help. Father passed away 3 weeks ago.
     
  4. Rob Legat - SBPL

    LawTap Verified Lawyer

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    It's a bit convoluted, and may have something else in the will which affects it, but my understanding is Fred's share is held on trust in a life estate. It's poorly worded, as it's unclear whether the will is talking about shares in a company or shares in the estate. It's possible this is clarified in a part of the will not quoted.

    The trust property may be sold and replaced with other property. The beneficiary gets the use of the property - including its income, and where it is replaced the income component from investment in any surplus from sale of the the trust property.

    There's nothing in the clause about tipping extra money in and how that is to be treated.

    The beneficiary does not get access to the trust property. So, they cannot sell it and claim the cash. The beneficiaries don't own the property.

    On the beneficiary's death, the trust property goes to Simon, so long as he is alive at the date of the original testator 's death. If not, it will go into the rest and residue of the estate - unless another clause covers it.
     
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  5. Angelaob

    Angelaob Member

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    Hi, Thanks for that, its not actually property but all shares, stocks bonds etc listed on he stock exchange. I think the older sibling(one of the trustees) had an influence on this will , sad but true. If you have anything else you think of to add I would be very grateful. We have discussed doing a family deed by arrangement so everyone has their own shares in their own control so everything is fair.Thanks again._ Angela
     
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