I wonder if anyone has dealt with a situation where trustees disagree before.
My clients wife sadly passed away leaving him a life interest in 50% of their home (value circa £1m). The ultimate beneficiaries of his wifes 50% are the children of her previous marriage one of whom is the other trustee. The relationship with my client and stepchildren had been good and long lasting.
in the normal course of events he would have lived in the property for his life unfettered.
However just about a year after his wife’s passing my client remarried and the relationship between the stepchildren inc the co-trustee rather soured !
The co trustee has made life very difficult for my client to point where he has now offered to “buy out” the residuary beneficiaries. We would have to vary the will which would have to done by June sometime.
My client has offered half the current value of the house but discounted for his 20 year life expectancy to account for them getting the money now instead of 20 years time. However the co-trustee / residuary beneficiaries refuse to accept the offer. I
It is a reasonable offer but time is ticking before the two years is up.
My question - is there some system of arbitration in these cases presumably by a court /
Anyone any ideas ?
Parker & Co