Transfer my inheritance to non-res. adult children

by **nia** on Mon Aug 15, 2011 5:15 pm

What do I have to be aware of when I transfer my share of my father's estate to my adult children living in Canada? I am one of 2 executors and my father left a will trust. My share of the inheritance will include about 50,000 cash and a 100,000 when the house is eventually sold. Should I have a deed to transfer the share of the house? I have lived in Canada for nearly 30 years.

Thanks for any help you can give.

by **maths** on Mon Aug 15, 2011 5:46 pm

You and your adult children appear to be Canadian and not UK residents for tax purposes.

What is the status of the other executor?

What was your father's domicile and residence status at his death?

At what date did your father die?

by **nia** on Mon Aug 29, 2011 9:06 pm

Thanks for replying. I've had to do a lot of research of UK trust law because my father left a Discretionary Trust Will. It seems to require a lot more attention (and tax filing) than a simple will, even though the cash (& eventually the property) will be divided equally.

The other Executor is a family member and UK national.

My father was born in the UK and died in January this year in the house he built 40 years ago.

What triggered my question is a nagging feeling that, as a Trustee of a UK Discretionary Will, I might be regarded as a UK resident for tax purposes. I need confirmation that my Trustee and Beneficiary persona are not regarded as one and that my transfer of cash and property to my children is as a non-resident.

Thanks for your interest!
Nia

by **maths** on Mon Aug 29, 2011 9:41 pm

What triggered my question is a nagging feeling that, as a Trustee of a UK Discretionary Will, I might be regarded as a UK resident for tax purposes. I need confirmation that my Trustee and Beneficiary persona are not regarded as one and that my transfer of cash and property to my children is as a non-resident.

Being a trustee of a will trust set up under your father's will does not make you UK resident.

You as an individual, trustee and/or beneficiary are three different personas.

Not sure whether you inherited cash absolutely or whether the cash forms part of the trust?