If a Trust is created with £10.00 and the will leaves the entire estate to the trust. Does the settlors share of beneficial interest have to pass into the trust eg does the title to the property have to be updated. A standard form A is on the register.
The deceased passed away a couple of years ago and nothing has been actioned in terms of the property even though the will passes the same to a trust which had already been established.
There are no IHT issues here. Is the paper trail of the will, the trust document etc sufficient to show the property forms the trust.
I would think that the update that you mention would be the right way to go. Given that the action that the will stipulated takes place at the time of death, if the property concerned was/is of such value as to have liability for IHT, then the trust, even if it had been a bare gift trust is going to have been of nil effectiveness in that regard. Whether there are other provisions within the trust that will impact upon what beneficiaries might receive will, of course, depend on the nature and terms of the trust.
Thank you for your response. Its so helpful to get a reply.
Would this be via a transfer or an assent into the trustees names? Can you confirm the process. If this step has just not been actioned but the will states on death the property is given to the trustees is this sufficient to show that this is in the trustees possession but the formalities of registration at the land registry need to finalise this?