as you may or may not be aware my father died december last year and i [3 oldest sons but mostly me lol ]need to start a trust for five off my nieces and nephews as per my fathers will
the children are to get the exact same amount when they reach 21 years old [1/5 1/4 1/3 1/2 remaining after costs interest and taxes]
the amount is approximately 50k
the probate tax office have already asked for the account details as my dad died in december
do we need to open a special type off account
is there a way off keeping the paperwork to a minimum as in go for a 1.9% interest rate pay tax at source and dish out as and when they reach the age off 21
or do we have to do tax returns every year
thanks for reading
and thanks for any help
the children are to get the exact same amount when they reach 21 years old [1/5 1/4 1/3 1/2 remaining after costs interest and taxes]
the amount is approximately 50k
the probate tax office have already asked for the account details as my dad died in december
do we need to open a special type off account
is there a way off keeping the paperwork to a minimum as in go for a 1.9% interest rate pay tax at source and dish out as and when they reach the age off 21
or do we have to do tax returns every year
thanks for reading
and thanks for any help