Dear All,
The Donor had made a one of purchase for a life assurance policy, and automatically became a sole trustee, and 6 months later they had appointed additional trustees.
The donor was not married at the time, but was divorced 4 years before the life assurance purchase.
4 beneficiaries are named individually, identified using their own names, with equal shares of the funds.
2 of the beneficiaries are the donors children, (adults now).
The 3rd named beneficiary is a child, (adult now) who was brought up as the donors child, the donor never adopted this child, also the child was clearly identified by their name within the donors last will and testament, as an issue of the Donor.
The 4th named beneficiary was the donors partner, a same sex relationship.
The trust also had discretionary beneficiaries, which includes past, present and future spouse of the donor, even though the donor was not married and subsequently the previous marriage was not very healthy at all, the discretionary beneficiary being past, present and future spouse of the donor is some what confusing,
The Donor remarries 10 years later, and no amendments are noted on the policy, to include the new spouse, and the last will and testerment does not include the policy or how it should be dealt with.
Within 2 years of marriage the Donor passed away, the policy was found 10 years after their death, the executors and surviving spouse made plans to remove the 3rd and 4th named beneficiaries.
The same sex partner, 4th named beneficiary,was completely removed,
The spouse sold his privately owned property to the executors, who at that time had become the trustees, purchasing the property using the 3rd beneficiarys funds, the beneficiary was privately renting the property from the surviving spouse, no choice was given to the beneficiary as to what property they wanted.
Recently the trust has had new replacement trustees, and these trustees have transferred the property to the the beneficiary whose funds were used, the trustees also stated that if they transfer the property and register in the beneficiarys sole name, then their children will have no interests within the trust.
The fourth beneficiary was asked to help pay for the transfer, for the trustees to pay the taxes, the trustees forwarded £100,000 in the 4th beneficiarys bank account, as a final advancement.
The trustees have not issued any documents for us to sign, we dont even know if the other 2 beneficiarys are in agreement to this, no beneficiary has been made to be legally binded to anything…
Sounds like a covering of a previous breach,
I know that the beneficiaries have to agree and be made parties to the final advancement. Especially if there is discretionary beneficiaries