Trust Registration Service

Registration of Trusts

Trust Registration Updates  from Alex Truesdale Wills. New legislation introduces expanded registration and reporting regime for express Trusts

For more information contact Alex Truesdale or  Call: 07887 946557 for any questions that you may have on Wills or your estate planning needs.

Trust Registration Service

Trust Registration Updates  from Alex Truesdale Wills. New legislation introduces expanded registration and reporting regime for express Trusts

New European financial services legislation has introduced a greatly expanded registration and reporting regime for express Trusts, the duty of compliance with which falls upon Trustees.

These changes will affect:

  • lifetime discretionary Trusts (sometimes referred to as a “family protection trust” or “asset protection trust”);
  • Pilot Trusts, whether over death in service benefits or a policy of life assurance;
  • the administration of an estate; and
  • Will Trusts.

To understand the scope of the new legislation and what Trustees must now do in order to comply with it by the deadline of 1st September 2022  please download the Alex Truesdale Wills TRS information factsheet.

Whilst Will Trusts do not have to be registered until the Testator has passed away, Trustees then must do so within 90 days of the second anniversary of the Testator’s death (whether that would fall before or after 1st September 2022).

Trustees can complete the registration themselves or engage an HMRC Agent to do so on their behalf (fees are payable in the latter case) and, although I do not intend to register as an agent myself I can refer you should you require professional assistance.

Alex Truesdale Wills has developed a TRS record designed to capture now the key information Trustees will require later and to make registration as easy as possible  – please email info@alextruesdalewills.com to request your copy.

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2023-09-25T11:54:23+00:00
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