Trusts in a Will.

edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
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omitsomits Forumite
100 Posts
edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
Part of my Will will name any beneficiaries under a certain age to have their share put into a trust.

Is it possible to charge the executors to raise such a trust and for one of them to be a trustee? I want to be as generic as possible about this.

Knowing some of my grandchildren are likely to go on an uninhibited spending spree I want them to have it when they are (hopefully) more responsible with money!

Thanks for your time.

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  • edited 29 March 2013 at 9:16AM
    dzug1dzug1 Forumite
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    edited 29 March 2013 at 9:16AM
    Yes it is possible to do that. Two trustees is better.

    If the age you specify is 18 - fine.

    If it's higher then you need to consider the T&C of the trust more carefully. It's more work for the trustees (if only in that it lasts longer) and I believe has additional taxation implications. You are going to seek advice on that anyway

    You also need to seek your proposed executors' agreement - I for one would not want to act in such circumstances unless the will allowed me to turn the whole tust over to a professional and be reimbursed their fees out of the trust.
  • getmore4lessgetmore4less Forumite
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    Any benifitiary under 18 automaticaly creates a trust with the executors as trustees.

    default is 18 there is a special catagory of simplicied trust 18-25 that helps those that would prefer the money to be held till they are moere mature.

    Usualy a good isea to give the trustees discretion to use the money

    have a google of HMRC and trusts.
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