Setting up a trust

chelski1000

Hi

I would like to create a trust for my two very young children, now as opposed to when I die.

I would like to make them beneficiaries of the property that I own.

My first question is what type of trust would it be a bare trust or a living trust?

Secondly could I be the trustee? Is it best to have two trustees in case of death of a trustee?

Thirdly as there is an age gap of 3 years, what happens when the eldest becomes 18 and has control of the property yet the other beneficiary is still only 15!!

jonesMUFCforever

You need proper legal advice .

All the questions you have asked would be covered there.

Remember you could also just make a will with a proviso that should you die before the kids are the age of majority a trust be set up to administer your wishes.

Is there any reason or rush to do what you want to do now?

chelski1000

Yes, want in place before a divorce!!

xylophone

I have drawn your attention twice to the HMRC guidance on trusts and to the fact that the law on trusts, particularly in regard to parental trusts for minors, is complex - for the third time, you need to consult a solicitor with expertise in wills and trusts.

jonesMUFCforever

Please listen to the advice given - a bit naughty not to mention other posts was it not?
What did you expect us to say here - you can do anything you like?

A trust is worth nothing if her solicitors get a charging order on the property anyway so you only waste (more) money.

chelski1000

There is currently no charging order, and I will slow play it like a good poker hand!:j