Mums house in a trust

Worried_of_wakefield

Hi all, I was unsure where to place this post but hope someone here can provide clarity.

My mum placed her small home ( say £100k) into a trust for me and my brothers & sister, she is 82yr old but in reasonable health so don't anticipate her going anywhere soon. She believes that in September 2019 ( 10 years anniversary of the trust) the legal ownership of her home will in someway automatically transfer to us. Is this correct? and if so what are the legal and financial implications. Obviously she will remain in her home whilst she is fit and able

Many thanks in anticipation

Tom99

Is this the 10yr rule she is thinking of:
https://www.gov.uk/guidance/trusts-and-inheritance-tax

SeniorSam

Answered in your other post
NO, that is not correct. The Land Registry should clarify that the Deeds are in the name of your mother and the Trust with the named Trustees. When your Mum dies and you have obtained Probate, the Trust can be broken up and the house sold with the proceeds going to the beneficiaries named.
If this is a Discretionary Trust, the Trustees have the option to pass on their interest to the next generation if they do not wish to add that value to their own estate value. There may be capital gains tax for the Trust to pay when your Mum has died,so professional advice should be sought.

In addition, there may be tax to calculate at the 10 year point if a Trust received any income.

Land_Registry

Duplicated thread so have posted there https://forums.moneysavingexpert.com/discussion/6029962/mums-house-in-a-trust