I have an estate which contains a Halifax Financial Services Personal Investment Plan written in trust.
The Plan/Trust was set up in 2004 and the deceased died last year.
Halifax have kindly send me a copy of the trust document which, on the face of it appears to be a discretionary trust. However, the trust is based on the life of the Settlor (the deceased) and there is only one beneficiary named in either Schedule 1 or Schedule 2 (beneficiary in default of any appointment). There is not even provision for their dependents or remoter issue and no provision to add beneficiaries.
Is this a discretionary trust, which would require me to prepare IHT100 and apply an exit charge or, as there is only one beneficiary named, not?
Thanks for you help.
Crombie Wilkinson Solicitors LLP