Testamentary Trusts Who gets ownership

[spooky]

Hi All Leagle eagles

I am writing my will which is prudent concidering all the circumstances which I wont go into.

I have the desire to leave my wife all the ip's which are in my name for obvious tax reasons. Should i die i wish that all the ip's go into a testamentary fund.

My Question is who has title or ownership of the ip's?

If it is the trustee can my wife also be the trustee?

Can i stipulate that after so many years the trust finishes and it becomes hers outright and what are the consequences?

Can i also stipulate that one or more properties got to my sons or daughters at a time in the future for instance their 21st Birthdays?

And Finally say both of us die at the same time and my son survives can i leave them in a trust until he is 21 and then release a property to him every 3 years.

Thanks

 

[Jas]

Originally posted by spooky
__________________
Finding your own IP'S is better.

Hi Spooky,

sorry I can't answer your testamentary trust q, it's not something I've looked into

The comment I wanted to make is your sig should read

Finding your own IP is better.

- or -

Finding your own IPs are better.

The Apostrophe Protection Society will explain all. http://www.apostrophe.fsnet.co.uk

Jas

 

[XBenX]

ever the writer/editor Jas =)

I think I need you for my posts, my spelling, grammar and typo's are awful (unless its written in word and has a squiggly line under it my generation wasnt taught about it....)

 

[Lily House]

Or should it be:

Finding your own IPs is better

Lily

 

[spooky]

My spilling is atroshus and me gramma aint much betta.
But the trivial banta aint helping

 

[Terry_w]

With a testamentary trust the trust comes into existance on the death of the testator (who will be the settlor of the trust). The assets will be left to the trustee of the trust - who could be your spouse or another. Ideally this would be a company, but you don't want to set up a company now and let it sit there until you die (asic fees) so you would phrase the will to allow a person to be an 'appointor' who can change the trustee.

It is possible to leave property to a trustee to be held for X until he reaches the age of 25 etc. Generally no CGT on the transfer from a TT to a beneficiary.