TRS, bare trusts/estates and "beneficiaries"

Trusts Discussion
1

This is an issue that must be faced a lot and I wondered what is considered the pragmatic position.

A&B hold a property as tenants in common. This is exempt for TRS purposes but then B dies and leaves his share on a life interest will trust for C, remainder to D. Leaving aside the will/will trust registration:

  1. Who should be the initial “beneficiaries” of the bare trust during the administration of the estate. Could it simply be A (50%) and X and Y as executors of the estate of B (50%), or should you name the beneficiaries of the will trust.
  2. Once the will trust is formed, should you name C and D or X and Y as trustees of the Will Trust (I suspect the former here).

Thanks