Income tax on trust

[misstealeaf]

I’m married but willing my investment property to my 3 kids. Will be left in trust with my husband until such time as kids all turn 21.
I want husband to have full use of any rental income/profit of the investment property for the purposes of running household/childcare/education expenses. Can this be done? If so who would be liable to income tax on the rental income- the kids or my husband? Thinking it would be more tax efficient for the kids- given that they would be liable at standard rate v marginal rate.

 

[noproblem]

I don't want to come across as being rude or inquisitive but what makes you think you won't be gone before your husband?

 

[RedOnion]

Trusts are an extremely complex area, and you should seek professional advice on the matter.
It's not possible for the income to be taxed in the children's names, as it's not their's while still in trust. Depending on the legal structure of the trust, it could be taxed different ways.

 

[misstealeaf]

Trusts are an extremely complex area, and you should seek professional advice on the matter.
It's not possible for the income to be taxed in the children's names, as it's not their's while still in trust. Depending on the legal structure of the trust, it could be taxed different ways.

Thanks for response.

 

[misstealeaf]

I don't want to come across as being rude or inquisitive but what makes you think you won't be gone before your husband?

I don’t really follow. My Will needs to cover if I am and if not then I would revise will.