Herald - Issue 419

v THE HERALD - Your Community Magazine v 17th February 2022 • The HERALD • Page 59 ASK A PROFESSIONAL Check the Will for an Unregistered Trust by Lindsay Taylor, Associate Solicitor 2022 is a big year for will trusts. HM Revenue & Customs has set a deadline of 1st September 2022 for registering trusts even if they are not taxable. A new requirement is that this now includes life interest trusts under a will in which a property is held for the bene t of a spouse or civil partner. ere are many Life Interest Trusts created under a will as it is one of the most cost e ective ways to protect a portion of your estate from care home fees whilst enabling your spouse or civil partner to remain protected under the will. Along with dealing with the estate, the executors and trustees now have an obligation to register the trust with HM Revenue and Customs. Such trusts have been around for many years and if you think you or a family member is a trustee or bene ciary of such a trust the trustees will need to check that they have registered the trust. What do I need? When registering the trust, you will need: • e name of the trust • e date the trust was created • To state whether the trust is an express trust or not • Details about whether a non-UK trust has a business relationship in the UK • Details about any UK land or property the trust has purchased • Details of the other assets in the trust including cash, cars, jewellery, and art •Details of all the trustees and bene ciaries You will normally nd these details in the trust document itself which is usually the will. How do I register? • First you must create a Government Gateway user ID and password • Then use the Government online service to register the trust details You should update the trust whenever there is a change to the trustees, bene ciaries, or trust assets. Trusts can be a mine eld and you can instruct an accountant to register your trust on your behalf for a fee. If you are a trustee of a will trust and are unsure whether you need do anything, CGM Solicitors has specialist solicitors who can advise you of the next steps. Lindsay Taylor is an Associate Solicitor based at the Hythe Office. For your conveyancing and private client needs you can contact CGM Solicitors on: 023 8084 2765 for an appointment. Lindsay Taylor, Associate Solicitor