IPDI trust and downsizing

ahfat41

My husband will created an Ipdi trust and left his share to his two children. Have registered the trust with HMRC, three of us as trustees. I am allowed to downside if required according to his will but am not sure how to go about it. As am now the sole legal owner, I understand I cannot sell on my own, do I need to instruct a conveyancing solicitor to add the children name as trustees to be able to sell.Thanks

Keep_pedalling

Actually you are the sole beneficial owner, legal ownership is split between you and the trust. If the LR was not changed to reflect this I don’t think you need to change that now but your solicitor should be able to advise you on what is required from you and the trustees. 

ahfat41

Thanks, is it advisable to change the register now to add their names as children as trustees in case I lose mental capacity in the future.POA in place? 

Keep_pedalling

ahfat41 said:

Thanks, is it advisable to change the register now to add their names as children as trustees in case I lose mental capacity in the future.POA in place? 

If you are not planning to downsize in the very near future then yes probable worth doing now,

ahfat41

Thanks was advised to add their names as trustees not legal and beneficial owners in case of  potential iht or CGT consequences. Not urgent just considering my options now.

RAS

There are no IHT or CGT consequences to delaying, or doing it now. 

If you plan to downsize in the next couple of years, it might be easier to do it as part of the conveyancing, not least as the Land Registry has a huge backlog of cases.

Are you and the remaindermen (children) clear what happens to his portion if you downsize? Does it go to them or is it invested and you get the income?