Executers of a trust dont agree

If this is a question to me, then there is a lot more behind this story, including the solicitor and so much more. It's water under the bridge for me, unless we sue the solicitor for several things that he should have done, but that's not going to happen.

Thanks Terry. It is still going, but the property I chose is now in my name and I've resigned from the Trust. My brother uses it but has a wife and five adult children to spread things around. He will keep it running.

I will possibly develop the property I took, if I can get something through BCC, but right now it is all the income I get, so not much in the way of annual tax benefits, and capital gain will be small unless prices rocket up before we sell it.

I do appreciate we may have missed something but separating our families from being tied together within the trust was important, and the longer it took, the harder it was to tease out the finances and find a workable solution.

We did look at our situation from many angles. We may have missed something I guess.

 

Agree with this.

The problem will be choosing which you want and which he wants. Perhaps that might come down to a flip of a coin.

And then the fun starts, valuations, capital gains to the date at which you make the split (regardless of whether the trust continues or not), stamp duty and who pays it, keep the trust going or not, to the date you make the split, but it is all able to be done.

 

I did Terry. I'm not sure I want to hear what I did wrong.

 

Sorry Terry. I got that wrong. I didn't buy it from the Trust, just moved it into my name.

All kids associated with the trust are now adults. Distributing income or gain to them means I save tax, but they pay more. To be honest, whilst my brother and I are solid, I wanted to improve layouts, increase rents. Even when we renovated one of the other houses to sell, I had to "sell" some of my ideas to him. We had to find a middle ground. He's smart, but just not interested in houses.

I doubt I'll hold this property long term. Selling it would clear our debt totally. The higher the land tax goes, the more it eats my income, so we may look at selling in a few years and then doing something else with the cash.

We might look at some type of trust for our own family, but not sure what will be best, after the nightmare we went through with the failed efforts my parents made to provide for our brother, but protect him from making bad decisions.

That is a good thing, but still means you are not free of him financially. Do you know why he wants to continue to hold the other one with someone who has such different plans?

 

Thanks Terry. Luckily there was hardly any capital gain because it was paid when my parents moved the house into the trust. There's so much we don't understand about trusts.

 

I'm just glad to be separated financially, to be honest.

It seems I maybe should have done things differently. Whilst my situation is beyond changing, perhaps these replies about it might help others.