Advising a settlor in terms of the land registry and appropriate transfers to the trustees or restrictions against their title.
Differences of opinion among practitioners abound but ultimately the client has options and the importance of fully appraising those options is obvious.
3 routes are usually:
- Transfer of title ie change of proprietorship to the names of the trustees or the max 4 allowed.
- Entry of a restriction against existing title ie remains in settlor names
- A deed of trust incorporating the LPA s. 53 1 b. I.e only this and nothing filed at LR.
Option 3 is essential in any case and applies in any of the other situations in addition to 1 or 2.
Our standard approach is entry of a restriction however different clients with different needs means different routes.
What are the main considerations when giving advice as to these options or indeed others if any. The aim is to more fully appraise the alternatives for the clients informed decision.