Interpretation of will wording

nom_de_plume

I'm no expert on trusts - in fact I know very little, to be totally honest - but the tax situation sounds very complicated.


Here's an example from this page - https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax

Trusts for bereaved minors

A bereaved minor is a person under 18 who has lost at least one parent or step-parent. Where a trust is set up for a bereaved minor, there are no Inheritance Tax charges if:

• the assets in the trust are set aside just for bereaved minor
• they become fully entitled to the assets by the age of 18

A trust for a bereaved young person can also be set up as an 18 to 25 trust - the 10-yearly charges do not apply. However, the main differences are:

• the beneficiary must become fully entitled to the assets in the trust by the age of 25
• when the beneficiary is aged between 18 and 25, Inheritance Tax exit charges may apply

Yorkshireman99

nom_de_plume wrote: »

I'm no expert on trusts - in fact I know very little, to be totally honest - but the tax situation sounds very complicated.


Here's an example from this page - https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax




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It is very complex. That is why the OP MUST get paid for professional advice advice from a STEP member.