Morning Everyone,
I am in the process of completing an IHT418 form for my late mother. She had put her property into a trust as well as my fathers property (married but lived apart). On the event of her death the trust states her share of the trust assets will go to my father (but still remain in the trust). Is this a transitional serial interest? The trust was setup in 2018. I can't see anywhere in the trust where a contract of life insurance is mentioned.
I am really struggling with the IHT418 form so would be grateful of any assistance.
What is a transitional serial interest?
There are 2 types of transitional serial interest. The first type is where an
interest in possession trust arises on or after 22 March 2006 and before
6 April 2008, but it follows a previous interest in possession that already
existed before 22 March 2006.
The second type is where the interest in possession trust arises on the
death, on or after 22 March 2006, of the holder of a previous interest in
possession and either:
• the new holder is the spouse or civil partner of the previous holder
• the settled property consists of a contract of life insurance
Thanks
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