Trust Registration – Does this affect you?
Over time, trusts have become a widely used tool for asset protection within wills and in lifetime settlements. They are used for a variety of reasons such as, to protect the interest of a disabled beneficiary or to protect assets from future potential creditors.
Whilst will trusts, may not appear to be ‘a trust’ in the usual context, they are in fact deemed as an ‘express trust’. Recent changes in legislation now require all express trusts (with a small number of exemptions), that remain in place two years after the death of a testator, to be registered on the Trust Registration Service. This must take place by 1st September 2022.
The changes will apply to the executors of any will where the testator has already passed away, leaving a trust which will remain in place for at least two years after the date of passing. An example of this includes a life interest trust in favour of a surviving spouse which often includes a half share in a property.
If you believe that you are an executor of a will that contains a trust which must now be registered, please do not hesitate to contact a member of our team on 01695 574201 and we will be happy to help you with this issue.