Help to register will trust with HMRC

cherry76

I need some help how to register a will trust with HMRC. Husband passed away last month and left me a life interest and his 50% put in a trust for the two adult children. Not sure whether I should add my name as lead trustee considering my age may be it will be wise to make daughter as lead trustee. Will she need to add the name of all the trustees? Not sure about the beneficiaries, is it myself and the two children names I have to add.
Thanks.

poseidon1

For registration purposes all trustees named in the Will must be listed and all beneficiaries ( yourself and the children). The whole point of HMRC's registration process is so that they know who all the pertinent participants in the structure are, that is to say the trust creator,  trustees and beneficiaries.

If you do not want to be the point of contact with HMRC going forward, and as you say in view of your age, then list one of the children as lead the trustee who will therefore be primarily responsible for  HMRC compliance ( if any ) in future.

See link below if you require further information or guidance.

https://www.farrer.co.uk/news-and-insights/key-changes-to-the-uk-trust-registration-service-since-1-september-2022/#:~:text=The UK Trust Registration Service (TRS) was introduced in 2017,trusts with UK tax liabilities.

Keep_pedalling

poseidon1 said:

For registration purposes all trustees named in the Will must be listed and all beneficiaries ( yourself and the children). The whole point of HMRC's registration process is so that they know who all the pertinent participants in the structure are, that is to say the trust creator,  trustees and beneficiaries.

If you do not want to be the point of contact with HMRC going forward, and as you say in view of your age, then list one of the children as lead the trustee who will therefore be primarily responsible for  HMRC compliance ( if any ) in future.

See link below if you require further information or guidance.

https://www.farrer.co.uk/news-and-insights/key-changes-to-the-uk-trust-registration-service-since-1-september-2022/#:~:text=The UK Trust Registration Service (TRS) was introduced in 2017,trusts with UK tax liabilities.

With an immediate post death interest trust won’t the OP be the only beneficiary? She is the current beneficial owner for IHT purposes, the trust is the legal owner and the children remaindermen. 

poseidon1

Keep_pedalling said:

poseidon1 said:

For registration purposes all trustees named in the Will must be listed and all beneficiaries ( yourself and the children). The whole point of HMRC's registration process is so that they know who all the pertinent participants in the structure are, that is to say the trust creator,  trustees and beneficiaries.

If you do not want to be the point of contact with HMRC going forward, and as you say in view of your age, then list one of the children as lead the trustee who will therefore be primarily responsible for  HMRC compliance ( if any ) in future.

See link below if you require further information or guidance.

https://www.farrer.co.uk/news-and-insights/key-changes-to-the-uk-trust-registration-service-since-1-september-2022/#:~:text=The UK Trust Registration Service (TRS) was introduced in 2017,trusts with UK tax liabilities.

With an immediate post death interest trust won’t the OP be the only beneficiary? She is the current beneficial owner for IHT purposes, the trust is the legal owner and the children remaindermen. 

See below an extract from HMRC guidance on trust registration in relation to beneficiary matters. Seems if the children are actually named in the Will in their capacity as remaindermen, their names should be provided on the register.

'' Beneficiaries

You should give the details of all known beneficiaries who can benefit from the trust. If you have more than 25 beneficiaries in any one beneficiary type, keep a note of additional beneficiaries for your own records.

Named beneficiaries

You must give details of all individuals, trusts, charities and organisations named as beneficiaries in the deed.

Some named beneficiaries will only benefit when a certain event happens, such as when another beneficiary dies. You can include these in a class of beneficiaries until the event occurs. At that point, provide their details on the register as a named beneficiary.

Classes of beneficiaries

You can use a ‘class’ of beneficiaries to describe a group of individuals who are not yet known or named individually in the trust deed, for example, future grandchildren. This can also include named potential beneficiaries.

When a member of a class of beneficiaries benefits from the trust, and so becomes known, you must give their details. You’ll be asked to give a description of each class. ''