Renunciation of trusteeship

[Sutch]

I was named as an executor for my sister-in-laws partner with my agreement. He died last year.

However, unknown to me I was also named as a trustee of the property, an obligation which carries seemingly open-ended responsibility to ensure that all beneficiaries behave properly and that the property is maintained in proper condition and insured etc.

I am uneasy with the fact that being geographically miles away, this is not an easy duty to perform. Not only that but it carries a great deal of potential liability and absolutely no upside for me. To compound the issue the beneficiaries are from a dysfunctional family and continually arguing. I don't believe they understand or want to understand the constraints upon them.

My question is: - I have diligently and successfully discharged my role as an executor but wish to renounce any responsibility for the trustee role which I was never aware of, nor want to become embroiled in.

Can anyone advise whether this is practically and realistically possible and without cost to myself?

Thanks
Sutch

[scrumpyjack]

Presumably the Will created a trust and you as Executor have become trustee by virtue of accepting being the Executor. The house is being held in trust for various beneficiaries as laid down in the Will?

I am not a lawyer but have been in this position. I understand that you can resign as trustee of the Will Trust, but you can't resign as executor of the estate until the executorship has been completed and accounts produced etc and all assets distributed (or taken over by whatever trusts the Will created).

https://www.teeslaw.com/article/advice- ... ed-trustee

No doubt Clitherokid can give you definitive advice, but I can't see why you can't tell the beneficiaries you no longer wish to be trustee of the Will Trust and can they please agree amongst themselves who they want to take over as trustee(s).

You appoint them and then resign. Make sure you notify HMRC who the new trustees of the trust are and from what date.

[Clitheroekid]

My question is: - I have diligently and successfully discharged my role as an executor but wish to renounce any responsibility for the trustee role which I was never aware of, nor want to become embroiled in.

Can anyone advise whether this is practically and realistically possible and without cost to myself?

As has been said, you can't retire unless you have completed all your tasks as executor, and administration of the estate has been completed.

However, once that's been done you can retire as a trustee with the consent of the remaining trustees. Under the provisions of the Trustee Act 1925 there must be at least two trustees remaining, so if you're only one of two trustees there would have to be a replacement appointed.

You would need to check the provisions of the Will to see if there are any relating specifically to this situation. It would also be sensible to have a proper Deed of Retirement prepared, if only to ensure that you receive appropriate indemnities from the trust. This would obviously mean paying a legal professional, but the legal costs could almost certainly be paid out of the trust fund.

[Sutch]

My thanks to both of you for your response and advice.

There are three executors/trustees one of whom is spouse of the deceased and a beneficiary. We have completed all the work as executors and my only concern is not to be left in a vulnerable and frankly impractical position of trustee.

The third executor/trustee is of like mind but we are struggling to find an appropriate & willing replacement to take over from us.

We have a tame solicitor and some residual funds to pay for the official deeds of renunciation [my words] but no apparent replacement.

It seems bizarre that we can be appointed as trustees without our knowledge and now find ourselves unable to bale out of this aspect of the will.

Thanks again
Sutch