Commentary

I5.546 Overview of TBMs

IHT, trusts and estates

I5.546 Overview of TBMs

Trusts for bereaved minors trusts (TBMs)

I5.546 Overview of TBMs

Settled property is held in a trust for bereaved minors (TBM) (often called a bereaved minors trust (BMT))1 in three circumstances, namely where:

  1.  

    (a)     it is held on statutory trusts (under intestacy) for the benefit of a bereaved minor under sections 46 and 47(1) of the Administration of Estates Act 19252, or

  2.  

    (b)     it is held on trusts for the benefit of a bereaved minor established under the Will of a deceased parent of the bereaved minor, which trusts secure that certain conditions (I5.547) are met3

  3.  

    In relation to Scotland, the requirement is that settled property is held on trusts for the benefit of a bereaved minor established under the Will of a deceased parent of the bereaved minor, 'the purposes of' which trusts secure that the conditions are met4, or

  4.  

    (c)     it is held on TBM established under the Criminal Injuries Compensation Scheme, which trusts secure that certain conditions (I5.547) are met5.

  5.  

    'The Criminal Injuries Compensation Scheme' means the schemes established by arrangements made under the Criminal Injuries Compensation Act 1995, arrangements made by the Secretary of State for compensation for criminal injuries in operation before the commencement of those schemes, and the scheme established under the

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