Just looking at possible the worst Will Trust I have seen.
The whole thing is gibberish, and the crowning glory is that is appoints the wife of the deceased and their daughter as trustees AND beneficiaries on a discretionary trust, despite trying I think to create an income in possesion trust. [It doesnt]
I have spoken to a lawyer not connected with the orignal will, and he says its legal if odd thing to do, and concurs its a discretionary trust.
Apart from it being a ****ing nonsense from any logical point of view, does this create any specific tax issues?
There is now one trustee left (the wife) and a new beneficary, the grandchild (not a minor), following the daughter's death.
I am looking at the potential 10 year charge which has of course been ignored but was due a while back.
The assets of the trust comprise a loan back to the wife with no interest rolling, and NS&I investments which I think are tax free, (Not 100% sure for trusts. I will check with NS&I) and a half share in the house still occupied by the wife.