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Legal Terms - Bereaved Minor's Trust
A testamentary trust is a trust created under a will for the benefit of a minor child of the person making the will, as defined by section 71(A) of the Inheritance Tax Act 1984.
In this type of trust, the kid must have the right to the trust's assets by the time they turn 18. There are no extra taxes imposed when the capital is handed from the trust to the child. A statutory trust established for the minor child of a person who died without a will also meets the criteria to be considered a bereaved minor's trust.
A testamentary trust is a trust created under a will for the benefit of a minor child of the person making the will, as defined by section 71(A) of the Inheritance Tax Act 1984.
In this type of trust, the kid must have the right to the trust's assets by the time they turn 18. There are no extra taxes imposed when the capital is handed from the trust to the child. A statutory trust established for the minor child of a person who died without a will also meets the criteria to be considered a bereaved minor's trust.
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