We have a problem where a beneficiary of a trust no longer wants to be a beneficiary. The settler died, and he is entitled under the terms of the trust.
The assets in the trust are debentures and shares. The major asset being a debenture of £2M, however the company has not met the interest payments.
We have held off pursuing the company as arrears payments have been coming slowly. It is now time that the Trustees consider its action, but now faced with the beneficiary’s decision, should we revert the assets to the Estate of the Settler?
Any adhoc advice as to a direction we should consider would be appreciated.
Thank you in advance,
Stuart Crane
Lex MercatoriaStuart