Trust and house purchase

Jimb94

Hi looking for some advice regarding a trust account that I am named as the sole beneficiary and the trustee is a family member of mine. We are looking to purchase a property together (house & annexe) what we are trying to find out can the money from the trust be used to purchase the property in the beneficiary name without any tax implications? The trust was set up over 15 years ago for estate planning it is an investment trust and I know beneficiary’s have been changed.
Thanks
James

xylophone

that I am named as the sole beneficiary and the trustee is a family member of mine.

I know beneficiary’s have been changed.

This is very puzzling.

Who was the settlor of the Trust? Is the settlor still living?

What kind of Trust is it?

https://www.gov.uk/trusts-taxes/types-of-trust

Jimb94

Apologies the settlor is still alive and it is a flexible trust. But a situation has arisen where we are looking at buying a property together so I can help with day to day living and I’m turn helps me. And which would mean accessing the funds in the trust but we are not sure if this is possible.

xylophone

And which would mean accessing the funds in the trust but we are not sure if this is possible.

Have you consulted the solicitor who drew up the Trust Deed?

Jimb94

That is our plan but just wanted to know general guidance first

SeniorSam

The only people who can help you on this are the Trustees. Only they have the authority, together, to make financial changes, but must always act in the best interest of the beneficiaries.

Some Trusts have very restrictive authority, so don't be too disappointed if, as I suspect, you cannot access any part of the Trust as you own nothing at all. In fact, there is no certainty that you would finally be a beneficiary, as within a Discretionary Trust, the Trustees have the final say as to who the beneficiaries are, but need a very good reason to change from those initially selected by the Settlor.