Will Trust Registration Query

doodling

Hi,

RnK136 said:

[...]

• Beneficiaries: 2 step-sons, you, and your 2 cousins (NB: your Uncle is not a beneficiary) (Names, DOB, Nationality, Residency, Mental Capacity yes/no)

[...]

Whilst HMRC probably won't care, the Uncle is the beneficiary of the trust and the rest are the remaindermen.

The Uncle is the one that benefits from it, hence beneficiary.  The others get what remains when the trust is wound up, hence remaindermen.

I identified both in the beneficiary box as HMRC don't appear to draw the distinction (and in many trusts (not IPDI ones) I suspect that beneficiaries and remaindermen are probably the same people).

RnK136

doodling said:

Hi,

RnK136 said:

[...]

• Beneficiaries: 2 step-sons, you, and your 2 cousins (NB: your Uncle is not a beneficiary) (Names, DOB, Nationality, Residency, Mental Capacity yes/no)

[...]

Whilst HMRC probably won't care, the Uncle is the beneficiary of the trust and the rest are the remaindermen.

The Uncle is the one that benefits from it, hence beneficiary.  The others get what remains when the trust is wound up, hence remaindermen.

I identified both in the beneficiary box as HMRC don't appear to draw the distinction (and in many trusts (not IPDI ones) I suspect that beneficiaries and remaindermen are probably the same people).

In our case, I was told that my Dad/Brother/Me are trustees and only do my Brother/Me become beneficiaries when my Dad dies. Until then nobody is a beneficiary. We are just trustees. Retaining a beneficial interest (as my Dad does) is not what is held in trust. The trust is Mum's 50% share of the property, of which there are only 2 beneficiaries after the trust is wound up (when Dad dies), me and my Brother. 

doodling

Hi,

RnK136 said:

doodling said:

Hi,

RnK136 said:

[...]

• Beneficiaries: 2 step-sons, you, and your 2 cousins (NB: your Uncle is not a beneficiary) (Names, DOB, Nationality, Residency, Mental Capacity yes/no)

[...]

Whilst HMRC probably won't care, the Uncle is the beneficiary of the trust and the rest are the remaindermen.

The Uncle is the one that benefits from it, hence beneficiary.  The others get what remains when the trust is wound up, hence remaindermen.

I identified both in the beneficiary box as HMRC don't appear to draw the distinction (and in many trusts (not IPDI ones) I suspect that beneficiaries and remaindermen are probably the same people).

In our case, I was told that my Dad/Brother/Me are trustees and only do my Brother/Me become beneficiaries when my Dad dies. Until then nobody is a beneficiary. We are just trustees. Retaining a beneficial interest (as my Dad does) is not what is held in trust. The trust is Mum's 50% share of the property, of which there are only 2 beneficiaries after the trust is wound up (when Dad dies), me and my Brother. 

The person who lives in the house is definitely a beneficiary of the trust - they are benefitting from the use of an asset (partly) owned by the trust.  I accept that they are not always referred to as one though.

The ultimate beneficiaries are also beneficiaries although I prefer the term remaindermen as they don't really benefit from.the trust until it has been wound up.