Hi I have a discretionary trust in a Will which leaves a property to the son. There are other properties left to wife. What needs to be done with regards to the discretionary trust property? Is a case of simply transferring title to the trustee for the beneficiary and does the trust receive the income from the property to the trust? Presumably an IHT400 and trust forms should be completed but as it is the first death there is no iht to be paid.
If the will creates a discretionary trust of which the son is a beneficiary, the property will need to be assented to the trustees of that trust, who will have the power to consider how it might be administered.
There may be variations on how to progress the administration, and the trustees will need to seek advice on how matters might be taken forward.
If there is no specific appointment of trustees of the discretionary trust, it is likely the executors are also the trustees and they should also seek advice on how mattes in relation to the administration of the discretionary trust might be taken forward.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals