Declaration of trust

I am the sole owner of a buy to let property which comprises a ground floor shop and a two bedroom flat above. Is it possible to make a declaration of trust to allocate the beneficiary of the flat to be my adult son? Thank you

Hi ,

Yes that is correct you can transfer the beneficial interests of the property by setting up a deed of trust.  A declaration of trust is a legally binding document that creates a trust.  However most types of trusts giving an interest in property to somebody who is not the legal owner now need to be registered with HMRC via the Trust Registration Service.  You can find guidance on the registration requirements and how to register here : Register a trust as a trustee  .  There’s also more information about what type of trusts need to be registered at : TRSM23050 - Types of trust that need to be registered: contents: excluded express trusts: contents: property ownership  . Thank you .