Is there a discretionary trust deed in your family and/or in which you or members of your family have either a legal or beneficial interest?
Was it settled at some stage before 1954?
If the answers to both of the above question are “yes”, then you should be aware that you only have another (maximum of) 20 years before the property held by the Trustee will have to be distributed to the beneficiaries.
All discretionary trust deeds have a maximum “life” of 80 years and property held by the Trustee must be distributed within that 80 year period.
If your relevant family trust is getting close to its vesting date, then you must give some consideration, as soon as possible, to what will happen to the assets that are held.
Do not hesitate to contact Foulsham & Geddes to discuss this and to obtain further advice in relation to the options that are available.
