I can’t find specific reference to this in the myriad discussions arising from the inclusion of estates in administration for more than two years as registerable express trusts if the wording of a will mentions “on trust” or similar.
Does this apply to intestate estates? The legislation does contain the wording “on trust” but in the example of Paula in TRSM23020 there is mention of an exemption for trusts arising through the operation of law.
As far as I am aware, an intestacy does not have to be registered for TRS but would need to be registered to obtain a UTR if taxable.
I understand intestacies are within the definition of “Legislative Trusts”, in para 1, Sch3A(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals