I am completing a return for a trust created by ny late father's wiil, not for the administration period, which ended on 4 April this year (2014). My father died on 1 February 2012, and I completed the Probate process myself, which was granted on 10 January 2013.
As I understand it, the estate assets have not been distributed, because the only beneficiaries of the trust named in the will are myself, my mother and my brother, each defined in the will as discretionary beneficiaries.
Re distributing income, the the trust document says,
i) 'I GIVE BEQUEATH AND DEVISE all the residue of real and personal property wheresoever and whatsoever ("my Residuary Estate") to my Trustees UPON TRUST to sell call in and convert the same into money...'
ii) ...'the Trustees shall holdthe Trust Fund and the income thereof absolutely for the Benficiaries specified in para (iv) etc.. of Sub-clause (a) or to the survivor of them
iii) under a section headed Capital and Income:...''the Trustees may treat all dividends and other payments in the nature of income received by them at the date of receipt irrespective of the perod for which the dividends or other income is payable.'
The dividends were, to the best of my knowledge, the only income, resulting from a porfolio investment of shares in both British and foreign companies, but managed on our behalf by an investment management company, JM Finn, London.