The following Private Client Q&A Produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:
There are two types of vulnerable beneficiary trusts:
trusts for bereaved minors. Under section 71C of the Inheritance Tax Act 1984 (IHTA 1984), a ‘bereaved minor’ means a person who has not yet attained the age of 18 and at least one of whose parents has died
trusts for disabled persons as referred to in IHTA 1984, s 89 and 89B. For these purposes, a disabled person is someone who is incapable of managing their property or affairs within the meaning of the Mental Health Act 1983 or who is eligible for any of the following benefits (even if they do not receive them):
attendance allowance (either the care component at the middle or highest rate, or the mobility component at the highest rate)
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