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Family Trust : Inheritance
Twointhebush
Posts: 104 Forumite
I'm about to inherit some money, but have found out that it will all be placed in my Family Trust. I'm the only beneficiary. Once in there, am I able to have the trust dissolved (for want of a better word)?
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Comments
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If you are over the age of 18, of sound mind and absolutely entitled to the trust property then you can require the trustees to transfer the trust estate to you and thereby terminate the trust.
This is commonly referred to as "the rule in Saunders v Vautier".0 -
Does that include property held in trust too?0
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Depends on what sort of trust it is. If it is a discretionary trust it will be down to the trustees discretion on how and when funds are distributed.0
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Ok thanks. But what about the Saunders v Vautier ruling? Doesn't that include discretionary trusts?0
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Twointhebush wrote: »Does that include property held in trust too?
IF it is a life interest with a life tenant or discretionary where there are other beneficiaries that benefits from the trust then you have not really inherited anything.
People often confuse being a remainder person on a life interest trust as inheriting, they have a future beneficial interest in the trust assets.0 -
Twointhebush wrote: »Ok thanks. But what about the Saunders v Vautier ruling? Doesn't that include discretionary trusts?
The Saunders v Vautier ruling includes discretionary trusts.0 -
getmore4less wrote: »IF it is a life interest with a life tenant or discretionary where there are other beneficiaries that benefits from the trust then you have not really inherited anything.
People often confuse being a remainder person on a life interest trust as inheriting, they have a future beneficial interest in the trust assets.
Do you mean if grandchildren are to benefit from the property after the first beneficiary's death?0 -
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