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HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
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Legal background to trusts & estates: administrators become trustees of statutory trust

The rules of intestacy can provide for assets to be held in a statutory trust (TSEM6120). The trustees of these statutory trusts are usually also the administrators of the estate. Administrators, owning trust property, change to trustees, owning the same property. The change occurs at the date they assent to the property vesting in themselves as trustees. There is no problem if the administrators give assent in writing, but this rarely happens. It is often necessary to look at other evidence to determine the date of change.

If any beneficiary of a statutory trust is under age 18, the trustees must include

  • a trust corporation (for example the Public Trustee or a bank), or
  • at least 2, and not more than 4 persons.