Adult Will Trust

sheep92

I am Trustee of Trust for 25 yr old single earning £20k per yr no mortgage
£40K left after using this yrs ISA allowance. Is it best to give some to
recipient to open own saving account or keep in Will Trust status from
a taxation point of view?

Your_Hero

sheep92 wrote: »

I am Trustee of Trust for 25 yr old single earning £20k per yr no mortgage
£40K left after using this yrs ISA allowance. Is it best to give some to
recipient to open own saving account or keep in Will Trust status from
a taxation point of view?

If you are a trustee you ought to really seek professional advice to ensure you're doing the right thing for the beneficiaries to protect yourself. Asking on the forums is not usually a good idea for this.

Taxation of will trusts (or all trust for that matter) can be complex and depends on the type and its wording. Can't answer this I'm afraid without more information.

Out of interest, why isn't the 25 year old entitled to the proceeds yet? Normally will trusts are created for minors under 18 and should be absolutely entitled to assets upon reaching a certain age e.g. 21 or 25, although this is not always the case.

xylophone

What kind of Trust is this? taxation can be complex - see

http://www.hmrc.gov.uk/trusts/intro/basics.htm

http://www.hmrc.gov.uk/trusts/index.htm