JL writes: I have run a small family engineering business for a number of years with my brother, who sadly died last year. His shares in the business have been left in trust for his three children. Is it possible to break the trust and transfer the shares into the names of the children individually so that we can avoid having to deal with the complexity of the trust and the added administration?
It is possible to transfer the shares to your brother’s children as long as the trustees have the power in the trust deed to make such transfers, writes Chris Lane, a partner at Kingston Smith LLP. In addition, the children will need to be over 18 years old; otherwise the shares