Bereaved Minor Trust within the Will

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A Bereaved Minor Trust within the Will is a type of trust established within the Will to provide financial support for minors who have lost one or both parents. It is created as a subcategory of a discretionary trust and must meet specific legal requirements.

The trust is established for the benefit of a child or children who have lost a parent, and it is funded by the assets of the deceased parent(s) or a third-party donor. The trust's assets are managed by a trustee, who is appointed in accordance with the terms of the trust deed.

The Bereaved Minor Trust is set up to provide financial assistance to the child or children during their minority years. The trust can provide for the child's education, maintenance, and other needs, such as medical expenses, sports equipment, or music lessons.

The trust has certain tax advantages, including an exemption from Inheritance Tax, provided that the trust complies with specific requirements. For example, the income from the trust must be used for the child's benefit, and the trust must be closed when the child reaches the age of 18.