Who owns the assetts in the trust?? Help!

[roblowe22]

My Great Nan created a trust, put her house it in. She died 20 years ago. The executors of the trust was my grandad and father.

6 years ago, I bought the house for about 1/2 its value which I gave the cash to my sister.

My grandad just died, 1 year before the 7 year rule.

Do I need to include the sale of the house in the equity of the inheritance tax? Or was it in a trust from my nan who died 20 years ago and therefore nothing to do with my grandads assets and passing away 6 years ago?

I an of course hoping it was great nans trust and as long as I live another year, no tax liabilities will be there for myself or my sister. That my grandad although an executor was not actually the owner of the property so it is not included as his asset in probate.

Many thanks for your time and support

[roblowe22]

Also to note, my father was an executor of great nans trust and he is still alive.

Thanks again!

[des8]

i think you should perhaps consult a professional.

When you say you purchased a trust asset and passed the cash to your sister warning lights flash.
CGT might have been payable by the trust when you purchased the property as the tax is calculated on market value under those circumstances, and why was the money given to your sister and not the trustees?

If you purchased the house from the trust I don't see how it can be part of your grandad's estate just because he was a trustee.
However was he also a beneficiary?
What sort of trust?

[roblowe22]

thanks for getting back to me
It is a standard trust you set up when you are working with inheritance.
The property was valued under the CGT threshold. It would only be in line with other assets at his death that the total sum is over the threshold.

[roblowe22]

It appears to be a discretionary trust