Any experts on Trusts here?

A question about : Any experts on Trusts here?

Hi,

I have conflicting advice re buying a house using the funds from an active trust.

A solicitor is telling me I need certain documentation that I can't find any evidence of legally needing within any Trustee Act information anywhere.

Any help available?

Thanks in advance x

Best answers:

• As the solicitor for clarification. You are not going to be able to get proper advice without saying (a) what the documentation is (b) what the terms of the trust are (c) what terms you are proposing the property should be held on (d) what your position in the matter is (trustee / beneficiary)
  If the solicitor says you need something and you don't think that you do, ask them why it is needed and whether this is a legal requirement under the various Statutes, whther it relates to the wording of the Trust deed, or some other reason.
  Do bear in mind that not all law is in statutes. And that the solicitor will, if they are working with this type of thing a lot, be familiar not only with the bare bones of the law but also with the way hat it is interpreted, what courts have and have not considered to be enough to comply with the requirements of the statute etc.
  depending on what the documentation is, it may also be something which the *solicitors* require in order to comply with their internal due diligence policies.
• Hi thanks all, brief history...
  My partner died and left money in trust for our child, I'm the trustee of this, it's currently invested in an L&G portfolio.
  I'm due to close this portfolio and along with the proceeds of a house sale (funds also being part of the estate) will be buying a new property. We have 10 years until she is eligible to have the funds.
  The solicitor is saying I have to have a Declaration of Trust, pay to have my Mother put on the house deeds and also to have a restriction entered on to the deeds to say that it's a trust property.
  I realise that this is all good advice and a recommendation but do I legally HAVE to do this? I can't see anywhere in the trust documentation or online that states that this is compulsory for the purchase to go ahead. It's a cost of around Ј600 all in and I'm seeing it as an earner for the solicitors if I'm honest.
  I've been entrusted to look after the funds until she's in a place where she needs/wants them, of course, as her Mother I'm going to have her best interests at heart even more so than a normal trustee.
  I'm aware that, at 18 she can demand the house be signed over or sold and that any works done on the house will benefit her and not me.
  The trust documents state the usual terms, like under the Trustee Act, there are no extra specifications.
  As far as I can make out, I have the right to invest the funds as I see fit, to the best of my ability and to ensure they get to her at 18.
  Does it have to be additionally complicated?
• You also need to have two trustees if you are holding assets for a child, that's law, so probably why the solicitor is saying your mother should go on the title as well.
• Looks like the trust is buying the property AIUI the trustees need to be the legal owners, why is this costing Ј600 more than buying a property normally
  AIUI the land reg forms are the same you just sign as trustees for that share. Other owners if any sign for their interest(even if one of them is you).