I am the beneficiary of a trust created by a will but I am only entitled to the shares and proceeds after I turn 25. I am 21 now and want to know if I can access the property sooner.
Lawyer Answers (1): Answers from lawyers are general preliminary responses. They are not formal legal advice and cannot taken account of all your circumstances. They do not create a lawyer–client relationship.
Answer by LegalEagle™ staff, Melbourne 3000 VIC
- This depends on the terms of the trust deed and whether you are the only listed beneficiary or whether there are other potential beneficiaries named in the trust.
- Generally speaking if there is only one beneficiary of sound mind and who is a legal adult then they can agree to end the trust unless this is prohibited in the trust deed.
- If the trust is for more than one beneficiary or potential beneficiary (such as where the trust deed leaves property to 'X and any of his children’) then this cannot be done.