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HMRC internal manual

Trusts, Settlements and Estates Manual

Legal background to trusts & estates: no valid will - 'trust for sale'

The rules of intestacy can provide for assets to be held in a statutory trust (TSEM6120). These are ‘trusts for sale’. This does not mean the trustees are obliged to sell immediately. The phrase means the trustees have the power to sell. Usually they have the power to sell, and also the discretion to postpone sale. They can defer the sale for as long as they think fit. Without the discretion to postpone, they must sell as soon as they can.

They must re-invest the proceeds for the benefit of the beneficiary.