Bare (Simple) Trusts-A Tax Efficient Way to Provide for Children

[@jasonmoloney5796]

I just came across an ad for your channel and it's the best thing that could have happened. Thank you and look forward to learning all the knowledge

[@terrygorry]

Thanks 👍

[@princessnyeni5548]

Hi Terry is there a requirement for the child to take the property when they turned 18? Or can they leave it for longer?
Also the small gift exemption I understand can be avail of with or without a trust. I don’t understand how it ties in with a bare trust.

[@Paul5520]

Hi terry, is a bare trust done in a will or a separate document!?

[@terrygorry]

Generally done in a will, but doesn't have to be

[@malcolmjohnson6430]

Can a trustee of a bare trust also be a beneficiarry

[@terrygorry]

Yes

[@jelasheppard5526]

ARE YOU TALKING UK LOW HERE, PLEASE? ELDERLY FATHER TO LEAVE MAIN RESIDENCE TO CHILD AGE 15. BEST OPTION. THANK YOU SOOOO MUCH IN ADVANCE

[@terrygorry]

No, not UK law.

[@princessnyeni5548]

Hi Terry is there a requirement for the child to take the property when they turned 18? Or can they leave it for longer?
Also the small gift exemption I understand can be avail of with or without a trust. I don’t understand how it ties in with a bare trust.

[@catherineroche3466]

Did you get the answer to this?