Share this content
0
330

Rubbish Will Trust

Beneficiaries are the trustees. Any tax implications to look for?

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. 

Replies

Please login or register to join the discussion.

avatar
19th Jan 2018 11:28

Just looking at possible the worst question on Will Trusts I have seen.

The whole thing is gibberish, and the crowning glory is that the OP (don't know who instructed him/her since the trustee seems to be doing nothing like that) has spoken to a lawyer who said everything's fine. (Although I think a new trustee needs to be found - having one elderly one in place is not wise.)

Apart from it being a ****ing nonsense from any logical point of view, it's asking about specific tax issues on the one point that doesn't create any.

Oh and somehow, in the OP's mind, the death of one discretionary beneficiary gave rise to a new discretionary beneficiary. How so?

But I wish the OP well, eg with NS&I.

Thanks (0)
Share this content