I have become a trustee to a statutory trust for my niece and nephew, both minors, that arose due to the death of my sister who was intestate. Her partner is the other trustee. I haven’t had much experience in this area and would appreciate some help with a few simple questions:
- Is the trust that arises a “Bereaved Minors Trust”?
- Does this trust need us to write a deed or is one simply deemed to exist?
- Does this trust need to be officially registered somewhere from a legal perspective? (I am not thinking about HMRC here, which I understand is a separate process).
- Do the assets of the trust need to be kept in accounts in the trust’s name, and if so, how do I accomplish this if the trust simply ‘arises’ and doesn’t have an official name?
I apologise for the basic nature of these questions, but the size of the trust really doesn’t warrant us engaging expensive legal advice.
Many thanks in advance