Commentary

I5.547 Qualifying conditions for a trust for a bereaved minor (TBM)

IHT, trusts and estates

I5.547 Qualifying conditions for a trust for a bereaved minor (TBM)

I5.547 Qualifying conditions for a trust for a bereaved minor (TBM)

A trust for a bereaved minor (TBM) which comes into being under an intestacy ((a) at I5.546) does so by operation of the law and thus automatically qualifies — the conditions are deemed to have been satisfied.

The conditions referred to in (b) to (d) at I5.546 which must be met for trusts under a deceased parent's Will, the Criminal Injuries Compensation Scheme or with effect from 8 April 2010, the victims of Overseas Terrorism Compensation Scheme to qualify as trusts for bereaved minors are as follows:

  1.  

    (a)     that the bereaved minor, if he has not done so before attaining the age of 18, will on attaining that age become absolutely entitled to:

    1.  

      •     the settled property

    2.  

      •     any income arising from it, and

    3.  

      •     any income that has arisen from the property held on the trusts for his benefit and been accumulated before that time1

  2.  

    (b)     that, for so long as the bereaved minor is living and under the age of 18, if any of the settled property is applied for the benefit of a beneficiary, it is applied for the benefit of the bereaved minor2, and

  3.  

    (c)     that, for so long as the bereaved minor is living and under the age of 18, either:

    1.  

      •     the bereaved minor is entitled to all of the income (if there is any) arising from any of the settled property, or

    2.  

      •     for property transferred into

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