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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I have a trust, my children are be beneficiaries. If I were

Resolved Question:

I have a trust, my children are be beneficiaries.
If I were to die now my estate, outside of the trust, would give them some £100,000 each.
I am concerned that this might derail particularly two of my children.
I am thinking of leaving them a small bequest, say £25k and leaving the residue to the trust.
This way the trustees can give them the cash when they think best.
There are no IHT issues as I have my deceased wife's allowence unused.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,
What is your query please?
Customer: replied 3 years ago.
Is what I am suggesting legal?
Can I leave money to a trust?
If so what are the implications?
Expert:  UKSolicitorJA replied 3 years ago.
Yes, you may leave the money to a trust for the benefit of your children.
The Trust may be discretionary, so that the trustees have the discretion on how to distribute the trust assets. The tax implications for the trust are explained here
http://www.hmrc.gov.uk/trusts/types/discretionary-accum.htm
Hope this helps
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