I have a query in regards to how to register a non-exempt Co-ownership Trust that becomes registerable on the death of one of the co-owners, I refer to the Alice and Bob example on the HMRC website.
Please note I completely understand how to register the life interest trust so I do not need advice on this.
When I have come across the scenario in HMRC’s example, I have registered the Co-ownership Trust as follows:-
Name of Trust: Co-ownership Trust of (name of property/land)
Settlor: Alice
Date Trust started: Alice’s death
Trustees: Bob and David
Beneficiaries: Bob and Clara
Having had a think about it, I am now wondering if I should have registered the co-ownership trust as follows:-
Name of Trust: Co-ownership Trust of (name of property/land)
Settlor: Alice and Bob
Date Trust started: Date Alice and Bob acquired the property/land
Trustees: Bob and David
Beneficiaries: Bob and Clara
I also wondered if a property is held in a discretionary trust and the discretionary trust has been registered on the TRS, would the property within the discretionary trust need to be registered separately as a co-ownership trust as well if the trustees and potential beneficiaries are not the same? It seems pointless given that the land registry refers to the trust by name as being the legal owner.
Any advice would be really appreciated.