Is there an expectation that a minor beneficiary will be named as a beneficiary in the TRS declaration upon achievement of a certain age or does e.g. even a newborn beneficiary need to be named upon their birth into a class of beneficiaries in the declaration?
Per HMRC manual
Class of beneficiaries:
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Description of the class of beneficiaries
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Trusts are often set up for the benefit of a class of unnamed beneficiaries. To be a valid trust, this class must be distinguishable. For example, a trust could be set up for the benefit of “all descendants of Mr Silva”.
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Beneficiaries should only be recorded as part of a class of beneficiaries if they cannot all reasonably be identified individually by the trustees. If all the members of the class can be identified individually by the trustees, they should instead be recorded as individual beneficiaries.
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In the example above, if the trust had been settled by Mr Silva some generations ago it may not be reasonable for the trustees to now identify each descendent. The beneficiaries could therefore be recorded as a class of beneficiaries.
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However, if the beneficiaries were instead a distinct group such as “the grandchildren of Mr Silva” , it is reasonable to expect the trustees to be aware of the identity of each individual. Therefore they should be recorded as individual beneficiaries rather than as part of a class of beneficiaries.
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What about “the children of the settlors and their descendants”?
Theoretically there could yet be inascertainable persons in this class?