Consequences of `Shams` for Trustees : An Overview
Richard Wilson takes a critical look at the risks for trutees in lending money to beneficiaries of discretionary trusts as part of IHT saving schemes (taken from Issue No 14 – January 2001)
Most corporate trustees will be aware of the IHT saving device which involves the establishment of a nil rate band discretionary trust by a testator, combined with additional provisions permitting the executors to satisfy the legacy creating the trust by accepting a binding promise from the surviving spouse (one of the beneficiaries) to pay the sum to the trustees, thereby leaving the sum at the disposal of the surviving spouse.
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The Trust Quarterly Review is published in partnership with STEP, it discusses matters of interest to trustees and executors with a focus on the particular interests of trust corporations in mind
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