Trusts & TRS - The Current Position for Probate & Conveyancing Professionals

Introduction

Due to the wide scope of the Trust Register (‘TRS’), it catches not only will trusts, and lifetime trusts (e.g. of life policies) but also joint ownership of assets like residential property.

This virtual classroom session will bring you up to date and will look at the latest position and how things might have changed.

The latest guidance provided by HMRC in the TRS Manual (‘TRSM’) will also be considered with the official understanding of how TRS works along with other thorny issues to make sense of this new practice area.

What You Will Learn

This live and interactive course will cover the following:

• What this means for probate work - when the 2-year period post death matters, according to the terms of the will, and how variations and appropriations of assets change the practice, with what is said (or not said) in the TRSM
• Conveyancing is affected by the limited exclusion for ‘co-ownership’ of property, bringing into TRS many properties that don’t have substantive trusts. How does this work?
• How property trusts set up by will work for TRS, including property changes in the 2-year period, and the situations in which two trusts must be registered - will trust and property trust
• Life polices and pilot trusts - when do you need to register these and where is the limit of what’s excluded? How does this impact tax planning work?
• Which bare trusts are excluded?
• Mental capacity of beneficiaries and trustees
• What information do you need to register a new trust on the TRS?
• Partnerships - what are the provisions affecting assets held by one or more partners for the partnership? What is the significance of the partnership agreement?
• Penalties and reporting discrepancies - There have been many small changes, what do these mean for you?
• Other thorny practice issues, like a client refusing to pay for a registration

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.