HI,
I am a beneficiary (along with others) of a family trust.
I am considering administering myself (on behalf of the family) and just wondered how difficult this is please?
I have read lightly on the tax position etc., but would like some sort of authoritative text/book on the subject. I don't mind paying someone for advice as and when I need it but see no reason I cant fill in a few forms each year and pay taxes like I do for my own self assessment investments that I've been doing for years, as long as I can learn the ropes.
The trust was written in 1997 and assets at the NRB transferred in on death of settlor in 2003 (share of house). On death of surviving spouse, the house will be sold (tenants in common) so the trust will have substantial assets which we could invest and take income / capital as required or leave for grandchildren if not needed. I'm really trying to understand in advance so we don't simply wind up the trust and distribute the funds and later wish we hadn't taken that route.
I am newly and early retired so have the time and interest.
If there is a typical threshold under which it isn't worth the bother I'd be interested to hear views.
Thank you.
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