Type of Grant for unadministered assets

(numberonelegal) #1

We are acting for the Beneficiaries of a poorly administered Trust which we would like to wind up. The surviving Trustee is willing to cooperate in this.

The co-Trustee died in 2006 and had (wrongly) transferred trust shares into their own name. The estate of the co-trustee was wound up by persons unknown without a Grant (the trustee was a 99 year old life tenant with no family and with few if any other means) but the shares were overlooked. The share registrars will not deal without a grant. Can anyone advise on the correct course of action or advice on the type of grant we should obtain? We have no other information about the deceased’s assets and know only of the shareholding.

Frances White
Number One Legal

(John Cartlidge) #2

Firs thought;

Grant de bonis non in the estate of the predeceased trustee; granted to you –

1981 c. 54 Part V
Powers of court in relation to personal representatives Section 116

116 Power of court to pass over prior claims to grant
(1) If by reason of any special circumstances it appears to the High Court to be necessary or expedient to appoint as administrator some person other than the person who, but for this section, would in accordance with probate rules have been entitled to the grant, the court may in its discretion appoint as administrator such person as it thinks expedient.
(2) Any grant of administration under this section may be limited in any way the court thinks fit.

Limited to shares, oath, 205 (assuming no IHT payable) plus your detailed letter of application stating your position and role, the circumstances, requirements and offering the limitation as to the shares.

John Cartlidge
Campion Solicitors

(andrew.goodman) #3

I would at least consider an application for a vesting order under (at a guess) s.51 TA 1925. This might have to vest the assets in the surviving trustee but it sounds as though he is onside.

It would avoid any hint of having to administer an estate and the inherent conflict if there were a dispute over the ownership of the shares.

Have used it once in similar circumstances - quick and easy with a short hearing in front of a Master. I suspect it may be quicker/easier if you have suitably authoritative counsel.

Andrew Goodman
Osborne Clarke LLP