Placing House in Trust Question

[ophelia2]

Hi folks

I will be seeking taxation advice on this but I’ve a question around placing a house in a trust in my will as I’m finding it difficult to understand the purpose of a trust, let’s say I wanted to pass my home to my nephew in my will, am i free to put a time limit on that? For example, if i pass away & I have worded my will to state my nephew will inherit said
house three years after I pass away for example? Is that possible. Is the main purpose of a Trust to reduce a tax bill?

Thanks

 

[mf1]

"understand the purpose of a trust, "

Any number of reasons - protect assets for a minor or someone with a disability/ anonymity.

"let’s say I wanted to pass my home to my nephew in my will, am i free to put a time limit on that? "

You can do anything you like so long as you are unmarried/not in a civil partnership, without children of your own .

" I have worded my will to state my nephew will inherit said house three years after I pass away "

Is there any reason for this? As above, you can do anything you like.................BUT why are you controlling from the grave/afterworld/void?

mf