Trust with property needs 2 trustees

grumpycrab

Looking for factual answer regarding a trust with property included. Law dicates that there must be 2 trustees; I understand that; can either of these trustees be owner (or part owner) of said property?

Yorkshireman99

grumpycrab wrote: »

Looking for factual answer regarding a trust with property included. Law dicates that there must be 2 trustees; I understand that; can either of these trustees be owner (or part owner) of said property?

You need to provide far more detail to get a realistic answer. Trust law is very complex.

Keep_pedalling

If a property forms part of a trust then it is owned by the trust, so where does this owner fit in?

Tom99

Keep_pedalling wrote: »

If a property forms part of a trust then it is owned by the trust, so where does this owner fit in?

[FONT=Verdana, sans-serif]I assume the OP means a beneficiary of the trust.[/FONT]

grumpycrab

Tom99 wrote: »

[FONT=Verdana, sans-serif]I assume the OP means a beneficiary of the trust.[/FONT]

Yes, that is what I meant and of-course a beneficiary of a trust can also be a trustee (my other half I'm thinking about). And the law requires 2 trustees when the trust includes a property. (Now I'm trying to work out if the right type of Trust has been set up in our draft Wills...)

getmore4less

with will a very common scenario is life interest trust.

you often pick the trustees from, the other owner, life tenant, remainderman(if they are over 18).

Often the other owner is also a life tenant as well so that leaves one of the remaindermen.

in other types of trust a part owner(of a bit not in the trust) can be a trustee.


You may also find this step guidance useful.

https://www.step.org/sites/default/files/Briefing_note_property_holding_by_trustees_combined040518.pdf

Yorkshireman99

grumpycrab wrote: »

Yes, that is what I meant and of-course a beneficiary of a trust can also be a trustee (my other half I'm thinking about). And the law requires 2 trustees when the trust includes a property. (Now I'm trying to work out if the right type of Trust has been set up in our draft Wills...)

Have you used a trust specialist to discuss and draft the wills. You need to consult a STEP member to make sure that the proposed trust will cover all eventualities. Not a job for a non specialist solicitor.

grumpycrab

Yorkshireman99 wrote: »

Have you used a trust specialist to discuss and draft the wills. You need to consult a STEP member to make sure that the proposed trust will cover all eventualities. Not a job for a non specialist solicitor.

Don't laugh - we're using WSL. I'll ask them is they're a STEP member.

Yorkshireman99

grumpycrab wrote: »

Don't laugh - we're using WSL. I'll ask them is they're a STEP member.

Who are WSL? Are they will writers selling some crank trust scheme? Firms are not STEP member it is an individual qualification.

grumpycrab

Yorkshireman99 wrote: »

Who are WSL? Are they will writers selling some crank trust scheme? Firms are not STEP member it is an individual qualification.

looks like a scam "nill rate band trust" - very little info online and, from what I can see, doesn't apply to us anyway (we're unmarried).

Keep_pedalling

grumpycrab wrote: »

looks like a scam "nill rate band trust" - very little info online and, from what I can see, doesn't apply to us anyway (we're unmarried).

Not necessarily a scam, Nil rate band trusts became obsolete for married couples with the introductions of transferable nil rate bands for married couples, but they may still be useful for unmarried couples who jointly own property.