Trust And Nominee Accounts
Description
How to fill out Nominee Trust?
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FAQ
The Nominee Structure The principle of a nominee structure is that the shareholdings of individual minor shareholders are transferred to a single shareholder entity with the sole purpose of holding those shares on trust for the shareholders.
Unlike a real trust, where the power and duty to appropriately control the trust property lies with the trustee, in a nominee trust the beneficiaries actually retain all decision-making power. In fact, the trustee is really just an agent of the beneficiaries, who essentially act as the principal.
It is settled law that a nominee does not become the owner of the property. Nominee holds the property in trust for the legal heirs. Can a person become the owner of a flat or property merely by the virtue of being made a nominee in the form submitted to a housing society?
Nominee accounts are a form of trust similar to a bare trust. If a person invests in their own name with the intention of holding the money for someone else (perhaps their grandchildren) and they can prove their intent, then HMRC will usually accept that a trust was created.
A nominee is a person who will hold an owner's assets in trust after the latter's death. They will be the custodian of the asset till it is transferred to the legal heirs. They are not the owners of the asset and are dutybound to make sure the asset goes to the rightful beneficiary.