Clear advice on Trusts

[user]

We would like to gift our existing property to our minor daughter with us (the parents) as trustees (we are moving to another property and intend to rent it). Since in England a child cannot hold property in its own name, we need to set up a trust. We do not want the tax complications of a discretionary trust but we want to have the flexibility of selling the property (and buy another one) in the future. A legal advisor said that with a bare trust or an interest in possession trust, we CANNOT sell the 'CAPITAL' (ie the property) because in a bare trust, the property legally belongs to her and in an interest in possession trust, any income from the property is legally hers and we also cannot sell the property. A solicitor specialized in trust told us that we can set up a bare trust with "powers wide enough to sell the property". However, she could not explain or take our business because she is leaving the firm and connot recommend anoyone in Liverpool who is good enough to set up this trust!
Can anybody shed some light on whether a bare trust with "powers wide enough to sell the property" can exist as it seems that even the "contact your solicitor" does not work for us.
Any recommendation for a good solicitor specialized in trust, who does not rip people off and practice in liverpool will be most welcome.

Thank you.

[bob.fraser@towrylaw.]

There is a branch of the Society of Trust & Estate Practitioners in Liverpool. The chairman is Mark Feeny of Brabners Chaff Street solicitors on 0151-6003450. He may be able to suggest someone who can help you.

[Taxbar]

This type of trust will work but may not be suitable.
A life interest trust might work better.

You will need to consult a tax and trusts specialist lawyer and if you have problems, let me know as I am in Manchester.

Daniel Feingold
STP
info@stratax.co.uk