Discretionary Trust Will Advice
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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!0 -
As I read it the 18year is the ONLY remaining beneficiary. Have I misunderstood?0
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Yorkshireman99 wrote: »As I read it the 18year is the ONLY remaining beneficiary. Have I misunderstood?
I think so. His children could be beneficiaries.0 -
Noted. Perhaps the OP would clarify. I am not sure that makes any difference since AFAIK the son can claim the lot now.0
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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.0 -
Sorry, WAS set up pre 2006. Typo.0
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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?0
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