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Discretionary Trust Will Advice

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Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Yorkshireman99 wrote: »
    In the OP.s case they are the only beneficiary AIUI so he IS entitled at 18. In view of the amount involved, and the tax implications the trustees need to get specific paid for advice rather that relying on an article on the web.

    They are not the only potential beneficiary of the trust!
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    As I read it the 18year is the ONLY remaining beneficiary. Have I misunderstood?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Yorkshireman99 wrote: »
    As I read it the 18year is the ONLY remaining beneficiary. Have I misunderstood?

    I think so. His children could be beneficiaries.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Noted. Perhaps the OP would clarify. I am not sure that makes any difference since AFAIK the son can claim the lot now.
  • E5tw
    E5tw Posts: 16 Forumite
    The beneficiaries are the grandson (18+) and the father.

    The father is the only remaining trustee and by the face of it is the only one left with control.

    The question isn’t clear as to what trust it is. It states “discretionary fund” but wasn’t set up pre-2006 so could potentially be an older A&M which has a mixture of discretionary and IIP...

    Thanks for your input so far.
  • E5tw
    E5tw Posts: 16 Forumite
    Sorry, WAS set up pre 2006. Typo.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 15 May 2018 at 1:57PM
    Yorkshireman99 wrote: »
    Noted. Perhaps the OP would clarify. I am not sure that makes any difference since AFAIK the son can claim the lot now.

    If the will specifies something like "all descendants alive at date of this will who reach the age of 35 otherwise X" is that not a "loophole" in the law about age 18?
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