TRS - co-ownerships and associated bank accounts

Trusts Discussion
1

I have a question about property-co ownerships where the trustees also hold a bank account (and potentially other investments), and whether these are considered to constitute separate trusts for the purpose of the TRS.

For example, I have the following two situations:

  1. A&B hold a property for the benefit of B&C. There is a also a bank account held by A&B for the benefit of B&C, which receives rent from the property and pays tax and expenses.
  2. The same as example 1), but additionally, A&B hold an investment portfolio for the benefit of B&C.

I believe that in the case of example (1) there will only be one trust to register (being the property and an account pertaining to it), but I am less sure about example (2)?

2

This is difficult to answer without seeing the trust wording, but generally there is only one trust deed, with named trustees etc. What assets the trustees hold within the trust is their decision.

3

The ownership of the bank account and the properties should both be A&B Trust, which is what TRS Registration need to know.

The property should also show in the Land Registry that ownership is A&B Trust. Is this any different, if so, perhaps some clarification would be helpful