Discretionary Trust

janeke

I don`t think this is the right place to post this query but I can`t find out where else to put it!
I am in the process of making a new will which will include a discretionary trust in favour of my children. I`m probably being a bit thick but I can`t find out exactly what they would need to do when the time comes to wind up the trust - i.e who do they have to inform?
Thanks

antrobus

janeke wrote: »

.... I`m probably being a bit thick but I can`t find out exactly what they would need to do when the time comes to wind up the trust - i.e who do they have to inform?...

The trustee.

Once they are eighteen they can just ask for the capital to be paid to them.

Not that I'm a lawyer you undestand.

dzug1

And the trustee will have to make his peace with HMRC - even if it turns out no tax is owing

Savvy_Sue

It's to be hoped you're using a solicitor, so do ask them to explain anything you don't understand!

PennyForThem_2

Try deaths forum - or possibly 'cutting tax' forum