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Trusts set up in a will

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  • Trusts set up in a will

    If a will leaves residuary estate to children to be held in trust until they reach the age of 25.

    As executor, with GoP, but not yet collected or reassigned any assets to trustees, do I need to do anything to "make" or "register" the trust?

    Tags: None

  • #2
    Hi Dansakfan,
    It would be helpful to have some clarification on the actual wording of the Will.
    If the legacy is part or all of the residue, until you have administered the estate you can't know exactly what will fall into the residue. I would suggest that at this point the administration takes precedence.
    I am a qualified solicitor and am happy to try and assist informally, where needed.

    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

    If in doubt you should always seek professional face to face legal advice.

    Comment


    • #3
      Thank you for your reply.

      Yes I agree I need to complete probate and collect the assets first which comprise some cash, some investment and half the family home.

      There are only then some fees (which I have already paid from my own funds like probate and valuation fees). Funeral expense were paid out of my wifes sole bank accounts except of headstone costs which were from mine which possibly the estate should/might pay for. Not really thought what is right and proper there. No other debts. No IHT to pay. No unpaid tax up to point of death.

      The will has a clause about personal chattels down to letter of wishes and then...

      ------------------

      4. I GIVE the residue of my estate to my Trustees (out of which shall be paid my
      funeral and testamentary expenses debts and taxes) with power at their discretion to
      sell all or any of it as they think fit and to hold the same ("my Residuary Estate')) on
      the trusts set out below

      5. MY TRUSTEES shall hold my Residuary Estate:

      5.1 Upon trust as to both capital and income absolutely and beneficially
      and in equal shares if more than one for such of them my children as shall be
      alive at the date of my death and attain the age of twenty-five years
      PROVIDED THAT if any child of mine dies (in my lifetime or after my
      death) before attaining a vested interest but leaves a child or children alive at
      or born after my own death who attain the age of twenty-five years then such child or
      children shall take by substitution and if more than one equally, the
      share that his her or their parent would have taken had he or she survived me
      and subject thereto

      --------------------------

      There is a bunch of other 5.x clauses which deal with children having died and given rise to no grandchildren.

      Remaining clauses seem to give quite wide reaching powers to the trustees to invest and maintain and insure properties, buy new freehold properties, borrow, loan, advance payment for education etc.

      Not sure what to pick out to help clarify but 90% of the will seems to be about the trust and who the trustees are and what they have the power to do.

      I think it must be an "18-25" trust just because age 25 is mentioned but I'd love to know:

      > What type of trust is it?
      > Does it need further legal documents to "make it so"?
      > Does it need to be registered with HMRC in some way?

      Comment


      • #4
        Hi again,
        It sounds like the trust would fall into the 18-25 trust rather than a bereaved minors trust. There are tax implications and I would suggest you seek some independant advice on this from both a lawyer and an independent financial advisor.
        This article may help, not a recommendation of the firm but a useful article:- https://wards.uk.com/wp-content/uplo...-25-Trusts.pdf
        I am a qualified solicitor and am happy to try and assist informally, where needed.

        Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

        If in doubt you should always seek professional face to face legal advice.

        Comment


        • #5
          Thank you - was useful

          Comment

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