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Trusts in a Will.

omits
Posts: 100 Forumite
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!
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.
0
Comments
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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.0 -
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.0
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