• Declaration Of Trust

    By Guest on 15th Oct 2019

    I own a property 100% which is to be let. I want all of the income to go to my wife but not any share of the ownership, as it is is willed to my children. Is it OK to draft a declaration fo trust (rather than a deed which would have to be registered at the Land Registry) to give my wife 100% beneficial ownership whilst I retain legal ownership ?

  • 2 Answers

    By Guest on 16/10/2019

    That setup does not make sense; Legal Ownership is worthless against beneficial ownership.

  • By Guest on 16/10/2019

    Yes, subject to (a) checking if there are any SDLT filing implications, (b) checking if it is compliant with your mortgage offer T&Cs, (c) checking with your accountant it's sensible from a tax perspective. It won't make any difference from an Inheritance Tax (IHT) perspective.

    From a purely legal perspective the answer is "yes, you can do so - check the implications with your professional advisers before proceeding".

    www.notaryexpress.co.uk

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