TT350 Posted July 13, 2016 Share Posted July 13, 2016 Hi guys. My mother left some money to myself and my brother. The money was released from property in Turkey and managed by my aunt. She deposited the money in a Turkish bank citing its high interest rates then after my mother died, informed my brother and I that my mother had told her to retain the money for 5 years then release it to my brother and I. She provides little evidence or details of the agreement and continues to hold the money despite the plummeting interest rates in Turkey. The 5 year agreement ends in May 2017 but has informed us she plans to hold the money further as rates may climb. My question is, can I override this verbal agreement as I am worried about the money. I don't really know about how exchange rates, interest rates and inflation work to be honest. My aunt says she'skeeping hold of it to earn more interest and I don't really know the situation with that in relation to how it'd translate to the savings when withdrawn. It's 50k and right now I'm up turd Creek without a paddle financially. Any advice guys? Quote Link to comment Share on other sites More sharing options...
HaydnH Posted July 13, 2016 Share Posted July 13, 2016 I would've thought that if the money was legally left to you then you could just go to the bank and ask to withdraw it? However, it sounds complicated considering it's off shore money etc... do you even know where the money is held? Quote Link to comment Share on other sites More sharing options...
Ekona Posted July 13, 2016 Share Posted July 13, 2016 You need to see the legal agreement tbh. It sounds like it could be either UK or Turkish, so if it's Turkish then you'd need to check the law their side. It might be your money, but if your aunt has legal management rights then it's going to get very messy. Without looking at anything (happy to do so if you want to forward me a copy via PM), I'd say there's nothing you can do right now on the balance of probabilities. Especially since the agreement with the bank doesn't end until next year. £50K is absolute peanuts to be holding in a Turkish bank, you could do much better with that money and in much safer places. However, without more detail there's very little anyone can do to help you I'm afraid. Either the will or the management contract would be needed to progress this any further. Quote Link to comment Share on other sites More sharing options...
GreenLandy Posted July 13, 2016 Share Posted July 13, 2016 The will would be a good place to start... Does sound like your aunt might be playing you a bit though. Is the money definintely in the account? Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted July 13, 2016 Share Posted July 13, 2016 (edited) The will is legally binding, what does it say in that? There also might be a "foreign will" in place due to it being offshore, if you are unsure, seek legal advise and they will do a search. Edited July 13, 2016 by Jetpilot Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted July 13, 2016 Share Posted July 13, 2016 Agree, The Will will define your late mother's wishes, including the 5 year deferment. I am assuming that your Aunt is the Executor to your late Mum's estate and that a trust is in place. As a beneficiary, you are entitled to view the Will and Trust. You will unfortunately require the services of a solicitor. Hope this helps. 1 Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted July 13, 2016 Share Posted July 13, 2016 The will is legally binding, what does it say in that? Parts of Wills can be contested and overturned so not totally legally binding, however that is another matter. Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted July 13, 2016 Share Posted July 13, 2016 The will is legally binding, what does it say in that? Parts of Wills can be contested and overturned so not totally legally binding, however that is another matter. At great cost from bitter experience Quote Link to comment Share on other sites More sharing options...
gsexr Posted July 13, 2016 Share Posted July 13, 2016 Fingers crossed the money is still there Quote Link to comment Share on other sites More sharing options...
Ekona Posted July 13, 2016 Share Posted July 13, 2016 Daft question perhaps, but assuming you and your brother are adults why did your Mum not just leave the money directly to you? Quote Link to comment Share on other sites More sharing options...
TT350 Posted July 13, 2016 Author Share Posted July 13, 2016 Daft question perhaps, but assuming you and your brother are adults why did your Mum not just leave the money directly to you? Thanks guys. My mum and aunt fell in love with Turkey and both bought properties there seeing it as a land of beauty where everything was perfect. Including their economy. Neither of them were/are the brightest sparks and just put their faith in something that seems right at first glance. Like "oooh, shiny! It must be gold!" It's what they knew and they went with it. They were ignorant of all else. Also my mum was gullible and really looked up to my aunt so she just did what she did. So...anyway. Apparently my mum told her to hold it in a Turkish bank to earn interest. I've looked at the 5 year financial history since then and Turkish financial system has been in decline the whole time and now the pound is so much weaker it'd be right to cash in I think. She's been informed of all this but she's still going to hold it. I think she's invested it in something on face value and it's gone fubar a day now shes stalling. Quote Link to comment Share on other sites More sharing options...
Ekona Posted July 13, 2016 Share Posted July 13, 2016 Assuming the money is in a bank, it's probably okay. It may not have increased in value at all, but it should be safe. Quote Link to comment Share on other sites More sharing options...
TT350 Posted July 13, 2016 Author Share Posted July 13, 2016 Assuming the money is in a bank, it's probably okay. It may not have increased in value at all, but it should be safe. Yes. But with the pound being weak at the moment I'd get more pounds per lira so I'd like to strike while the iron is hot. 1 Quote Link to comment Share on other sites More sharing options...
Banz Posted July 13, 2016 Share Posted July 13, 2016 I bet she spent them all already. 1 Quote Link to comment Share on other sites More sharing options...
GMballistic Posted July 13, 2016 Share Posted July 13, 2016 I don't know her obviously but money does funny things to some people, ...personally I wouldn't trust any individual with £50K of my money (if I had that) and would be doing my best to get that money secured safely in my bank account or an ISA account under my name. Think you're going to need a solicitor ~ Good luck Gareth. Quote Link to comment Share on other sites More sharing options...
Rock_Steady Posted July 14, 2016 Share Posted July 14, 2016 Depending on the relationship you have with your Aunt, can't you explain your situation to her and ask if she can help you get the money earlier? I don't see how she'll benefit from it being in the bank until 2017 as it is essentially you and your brothers money. I know it's an obvious avenue but is that possible? If she said "no " i'd find that rather odd or obtuse ( no offence to your aunt of course ) Quote Link to comment Share on other sites More sharing options...
rabbitstew Posted July 14, 2016 Share Posted July 14, 2016 On the face of it, it does seem strange how your Aunt is keen to keep the money in the bank in case interest rates go up. As its not her money why should she really care about interest rates! Quote Link to comment Share on other sites More sharing options...
KyleR Posted July 14, 2016 Share Posted July 14, 2016 My first thoughts are that the money is gone. If you haven't already, get a bank statement. I agree completely about getting the cash now, if it still exists, due to the pounds strength, perfect time and you'll be 5%+ better off. Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted July 14, 2016 Share Posted July 14, 2016 Just read the first bit again. So to be clear, the agreement between your aunt and mother was "verbal", nothing in the will? How has your aunt been able to have control of the monies, i.e withdrawing from the property, signatures etc? Whos name is the bank account under? Who has informed her you want to release the money which she disagrees with? Quote Link to comment Share on other sites More sharing options...
TT350 Posted July 14, 2016 Author Share Posted July 14, 2016 I've been pretty much kept in the dark about it all. I barely have any information. Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted July 14, 2016 Share Posted July 14, 2016 Sorry to sound daft, but were you not present during the reading of the will if you were a beneficiarie? Quote Link to comment Share on other sites More sharing options...
TT350 Posted July 14, 2016 Author Share Posted July 14, 2016 Sorry to sound daft, but were you not present during the reading of the will if you were a beneficiarie? I was there when it was notorised. After mum died I got "by the way...that money, your mum told me to hold it for 5 years" Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted July 14, 2016 Share Posted July 14, 2016 So there is a legally binding will in place naming you and brother as beneficiaries to this sum? Quote Link to comment Share on other sites More sharing options...
TT350 Posted July 15, 2016 Author Share Posted July 15, 2016 So there is a legally binding will in place naming you and brother as beneficiaries to this sum? Indeed. I don't have the backup from my brother to pursue it as he doesn't want to upset my aunt. I said when the pound bounces back, you're essentially paying on my behalf not to not upset her. Quote Link to comment Share on other sites More sharing options...
Grundy Posted July 15, 2016 Share Posted July 15, 2016 Can't you just contact a/the solicitor on your own and just ask what the will agree's to? If it makes no mention of your aunt then just get the solicitor to do the rest? 1 Quote Link to comment Share on other sites More sharing options...
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