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Will - Estate Left ON TRUST?

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  • Will - Estate Left ON TRUST?

    My first time as sole executor, trustee and beneficiary! My father's will was drawn up in 1988 by a solicitor. The wording states that (after the death of my mother) I am the executor and trustee and that "(I) give to my Trustee all my estate [..] UPON TRUST to sell, call in and convert [etc]". The will basically says the Trustee can do anything sensible with estate. There are no named beneficiaries. So my question is, if I am simulataneously executor, trustee and sole benficiary, can I just allocate parts of the estate to myself, to my two sons and to any charities without more? If I were to die within 7 years, would the amounts I give to my sons (as Trustee) be liable to IHT?
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  • #2

    A will that doesn't name any beneficiaries?
    If no one is named why do you say you are sole beneficiary?

    If you want to vary the beneficiaries the correct way to do it is by means of a deed of variation.
    IHT having been paid (if necessary) on your father's estate it would not be charged again on these gifts made by variation


    • #3
      Sorry, I should have mentioned that I am the named sole beneficiary, as well as named executor and trustee. There is no IHT liability on the estate. I just want to confirm that any allocation to my sons comes from the trust and not from me personally.


      • #4
        As suggested a deed of variation and the gift is from the estate, not you.
        Possibly that is a bit of overkill, but would be proof if you should unfortunately not outlast the seven year period!


        • #5
          Many thanks DES8. I assumed that was the case, though I had not considered the deed of variation. Will investigate.


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