Kerryn Boogaard Kerryn Boogaard
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What to Do When You Are Owed Money from a Trust:

Here are some money advice for you.
By Expert Tips
Date: August 02 2019
Editor Rating:
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If you are owed money from a trust, you need to get your hands on it at all costs. What with the ever-rising price of modern-day life, you cannot afford to have cash stored away that you cannot make use of.

For yours and your family’s sake, you need to take the advice laid out below and reclaim the sum of money you are owed from your trust.

Know what type of trust you have set up

You need to understand the intricacies of your exact type of trust fund if you’re to extract the money you are owed from it. If you don’t brush up on this knowledge, due to the fact that each individual type of trust is different, you could end up taking the wrong action at the wrong time. If that were to happen, you might never get your hands on that money that you are rightfully owed.

Common types of trust include:

  • Bare/absolute

  • Discretionary

  • Revocable

  • Charitable

  • Spendthrift

  • Asset protection

Know what you are planning to spend the money on

If your trust is locked, then you might find yourself needing to convince the handler that you can be trusted with your money. True, the cash might be yours by right, but that still doesn’t mean you’re going to be able to get your hands on it without any hassle. At the very least, if you can’t convince the handler of the trust that you are going to put the money to good use (by using it to get on the property ladder or pay for college fees, for example), they will refrain from giving you your money in one lump sum. Instead, they’ll offer you smaller cash injections over a sustained period of time.

Get your documents in order

In order to prove the validity of your attempt to withdraw money from your trust, you’re first going to need to get a number of documents in order. These include:

  • A copy of your most recent estate account

  • A copy of the trust deed

  • A copy of any letters of administration you have been sent

  • A copy of the ledger sheet 

Challenge the management of your trust

With your important documents at hand, it’s then time to mount a challenge towards whoever it is that manages your trust. Be warned, though, that you can’t just take this action without considering all the ramifications of doing so. Should you make a challenge without any grounds on which to do so, you could find yourself locked out of the trust entirely, whether your money is locked away in it or not.

Unsure as to whether or not you have the right to do challenge the trust? If so, then you should partner up with the legal team found at www.the-inheritance-experts.co.uk. This band of inheritance experts will provide you with legal advice that will be sure to help you better understand what rights you have. As a result, you’ll know what options you can and can’t take and, thus, the best route to take to finally unlock the money that is owed to you.

By taking the above advice, you will find it much easier to reclaim the money you are owed as a trustee.

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