Type of Trust

PoGee

I own 2 properties and may purchase a 3rd. Is it correct that it's best to put all 3 into trust at the same time? If they are in a trust and I kick the bucket, can my kids (as beneficiaries) sell the properties and split monies between them, or can they only take rental income (as a salary)? Is there a trust that will allow them to sell up when i die? I understand that this would stop the CGT issue of properties 2 and 3, but would they still end up paying cgt when it comes to selling up?

Jeremy535897

There are many sorts of trusts, and they can be very flexible. You would need to take proper professional advice to do this sort of planning.

pphillips

I'm not sure there is enough information here about your situation and what you want to achieve.
The many different types of trust that exist can either be trusts created during your lifetime and trust created after your death - there is a big difference in how these are taxed. For most people, the trusts that kick in at the moment of their death benefit from a more advantageous tax regime.

xylophone

Before considering any kind of gift into trust, whether while you are living (inter vivos) or dead (testamentary trust), you need to take EXPERT advice.

You might start with a STEP solicitor who would probably be in a position to refer you to an accountant with expertise in the  taxation of Trusts.

https://www.gov.uk/trusts-taxes

https://content.step.org/step-directory

Example (from googling) of Chartered Accountant with Trust specialism

https://www.mercerhole.co.uk/services/private-client/uk-trusts/