Transferring Property into a Trust

[umeshg1]

A property is jointly owned by Husnad and Wife. They want to transfer the property into a Family trust for the benefit of their children . They will be the trustees of the Family Trust but no beneficiary


What changes do we have to make at the Land Registry to reflect the above transfer

[AdamS93]

You probably want to get a solicitor involved with the transfer.

From a tax point of view, just be aware of all the potential IHT, CGT and trust tax issues to avoid any pitfalls.

[maths]

The trustees will become the legal owners of the property. Form TR1 should be completed.

LR provide:

"The duty of applying for any necessary restrictions falls on the trustees, though a beneficiary under the trust may also apply. There is one circumstance where the registrar is obliged to enter a restriction without an application. That is when registering two or more people as joint proprietors of a registered estate and there is no evidence to show they are holding it on trust for themselves as beneficial joint tenants."

[AGoodman]

None. They will start and remain as legal joint owners. Just a trust deed should suffice.

I assume you've considered the IHT/CGT implications.