I was wondering if someone could help me on the following situation:
- Deceased created a ‘Probate Asset Trust’ in 2014 and died in 2018. Probate has been granted to the Executors.
- Trustees are also the Executors and the final beneficiaries under the terms of the trust and the Will.
- The trust fund comprises of one bank account and one property. Trust was never registered
- The bank account was closed down shortly after death due to the low balance and funds split between the two beneficiaries equally
- Property has sold and we currently have the sale proceeds.
The trust period is defined as: the period beginning on the date of this deeds takes effect and ending on the day falling on the earlier of the following:
- the day falling three days before the 125th anniversary of the date of this deed takes effect; and
- such date as the Trustees may declare by deed (executed before such date) to be the end of the trust period.
We are looking to end the trust now to distribute the sale proceeds and cannot find a precedent document to execute.
Any help or suggestions would be welcomed.