I am hoping some forum members could offer some advice regarding the following set of facts:
Deceased passed away on the 30th June 2000. Will dated July 2000. Domiciled in England and Wales. No foreign assets.
Will included a Discretionary Trust. The assets to be included in the trust, as dictated by the Will, were the deceased’s 50% interest in her residence which is occupied by surviving spouse and 25% interest in second property which is occupied by one of the other co-owners.
Trustees were surviving spouse and other co-owner of second property. Due to age the existing Trustees wish to appoint 2 additional Trustees - the deceased’s two children. They are not intending to retire at the moment. One of the additional trustees lives in the US and has done for many years. The other lives in the UK.
Can anyone confirm if there should be concerns from a tax point of view of having the child who lives in the US as one of the Trustees.
Thank you in advance for your help.
Harrisons Solicitors LLP