I know this is partly a legal question but need a steer before I steer my client...
Mum and two (adult) children have inherited a property from mum's deceased parents, owenership is 33% each but as mum is retired, kids want mum to receive the rental income (to supplement her pension). Would a declaration of Trust achieve this? - or something else? and would anything need to be sent to HMRC - given a Form 17 isn't going to be completed/submitted.
Any guidance/info would be much appreciated.
Thanks in advance.