Hi there, I am sure similar questions have been asked before, but I can’t find the answer when I use the search facility - apologies if it has already been covered! If it has, please feel free to direct me to the relevant link.
I have a client whose father (assumed to be UK resident) set up bare trusts for his (then minor) grandchildren - 3 living in the UK and 3 living outside of the UK.
My client’s children (all UK resident) are now in their early to mid 20s. One had their portfolio put into their own name some years ago, but for the other 2 it sounds like, although the money is technically now theirs, the names in which the portfolios are held still refer to the parents holding on bare trust for them. The investment manager has written to my client, saying that they need to register the trusts under the TRS. I can find information about having to register bare trusts for minors where the funds are in a portfolio (rather than just held in a bank account), but does this still apply if the children are now adults and the parents just haven’t got around to putting the portfolios into their names?
For minor children, is the situation re having to register different if those children are not UK resident? I believe that their parent - as trustee - is also not UK resident, although the portfolios are held in the UK, so I am assuming under the usual trust rules that it would be a non-resident trust holding a UK asset. Would it be different if the parent was UK resident but the children not?
Many thanks
Jane