Are you the executor of a Will which includes a Will Trust? If so, you may also be the Trustee of a Will Trust created by the Will.
Will Trusts were used for many years before the law changed to allow married couples to transfer unused Inheritance Tax allowances on death.
Quite often, the family don’t know what to do with the Will Trust, and so they ignore it. This can cause problems later on, either during the lifetime of the survivor or on their death.
If you are in this position, you should consider whether the trust is needed, or whether it would be better if it was wound up.
In either event, there are formal steps which should be taken and the reasons for your decision should be recorded.
From next year, your family trust will need to be registered with the Trusts Registration Service, even if you have taken no steps to do anything with the trust.
If you want to avoid registering the trust, it may be possible to wind it up now.
Get in touch and we’ll have a look and see what needs to be done.
T: 07860 772274