Various clients have contacted me recently to ask whether or not they may need to register their Wills with HMRC’s online register of trusts, known as the ‘Trust Registration Service’, or TRS for short. This has been in the news because the scope of the Trust Registration Service has now been extended to cover many different types of lifetime trust, even if the trust is non-taxable.
The good news is that as your Will only takes effect on death, there is no need to register it with the Trust Registration Service during your lifetime. However, when somebody dies, if their Will contains a trust which will remain in place for more than two years after death, or if a tax liability arises on the trustees in the meantime, then that Will trust does need to be registered with the TRS.
For a free initial discussion about updating your Will, call Chiltern Wills on 01494 708688 and we will be glad to discuss your wishes with you.