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Gift trusts and disclosure

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18 Sep 12 #356490 by esox11
Topic started by esox11
My S2BX is digging into my mothers affairs and I am unsure on her angle so would like some thoughts on this and its effects on finances / divorce.
My Grandmother placed funds into a Gift trust before she died. There where 3 trustees being my parents and grandmother. My father died in 2005 and they never replaced him as a trustee. (mistake no1 by finacial advisor). My Grandmother died in 2006 and was replaced by my S2BX''s father - seemed a good idea at the time!
He has recently been asked to step down by my mother with a view to being replaced by another family memeber due to the current circumstnces (Our divorce). This has kicked off a debate with my S2Bx which worries me somewhat!
Her father is refusing to step down without full details of the trust being disclosed to him... but he is a trustee?? So has it all available to him. He even aked what was he is a trustee of??? He is getting on and we fear he is either loosing it a bit or playing some game for his daughters benefit. Futher where is the paperwork afforded to him?
My mothers financial advisor says my S2BX has no entiltlement through the divorce to any of the funds in the trust or to see the paperwork. Though her father is bound to share them obviously!
My name appears on the trust alongside other family members as equal share holders as " Beneficiaries in default of appointment".
I am loosing failth in the financial advisor and dont understand his reluctance to send duplicates of documentation to my father in law, he is a trustee afterall. He also says he cant provide a certified copy of the trust document? We have the original. Is he hiding some bad news?
Has he co&^ed up? Am i worrying about nothing?

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18 Sep 12 #356521 by soulruler
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If your mother has the original can she not get a certified copy herself and send it on?

I was a trustee of my fathers trust (set up for my mother but I was named as a beneficiary on her death). I removed a trustee (it was a solicitor) as he wasn''t doing anything really and couldn''t see the need to pay a solicitor anytime a decision had to be made - there was no problem with that.

Could you not seek the advice of an independent trust lawyer, just take the original document to someone else and see what rights/responsibilities there are?

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18 Sep 12 #356522 by esox11
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Thats the point... how? What does "certified copy" mean?
Can we copy it and she signs it as such?

All new to us and assumed it had to be from the company that set it up? Possibly?

Any pointers welcome.

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18 Sep 12 #356527 by soulruler
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Well, I think to get a certified copy you take a copy and then get someone who is in authority (with copy birth certificates I had to get someone who had known me for 3 years and had a profession - I used a Policeman).

You also need to get (well when I applied for a passport) a certified photo which is signed on the back something like a confirm that this is a true likeness of xx (something like that).

Why not ring a trust lawyer and ask them?

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18 Sep 12 #356529 by soulruler
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The only thing that might be a worry is if the trust is a failed trust (that is actually what happened in the case of my fathers trust when it all came to light).

I took the trust document to an independent trust lawyer who confirmed that to me - I am not saying this to worry you but as you are worried you should seek independent trust advice.

What happened after that was that the money just reverted into my mothers name, there wasn''t that much in the trust in any case.

Still, as you are worried I think it would be worth taking the document to someone else. I don''t really understand why the financial adviser won''t help, I think that there are usually two original trust documents (not sure but I think so, there usually are with wills, one given to you and one lodged with an adviser or some sort).

Hopefully if I am wrong someone else might be able to advise.

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18 Sep 12 #356545 by esox11
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Thanks. Need some professional advice obviously! The financial advisor has moved into a larger company and says re certcopy " we don''t get involved in that sort of thing any more" ???

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