Assignment of beneficial interest in property

A beneficial owner of property is the person that holds the 'real' value of it. This 'real' value of the property is called the Beneficial interest.

This means that, for example, the beneficial owner of a home has the right to live in and use it, and receive any income that might come from it. A beneficial owner of a bank account is the person entitled to the money in the account, whether or not the account is in their name.

Use this document to give away or sell your beneficial ownership to another person, several people or a corporation. You can use it for any kind of property: e.g. a house or flat, money held in a bank account, shares in a company, a painting, or a car.

Some situations where you might use an assignment, rather than a legal transfer, include:

• when a home is mortgaged and you need give the right to enjoy the benefits of the home to new beneficiaries, while avoiding the need to settle the mortgage;
• when joint owners want to use an assignment to share the income from property to be more tax efficient; or
• when planning for inheritance-tax.

You can only use this document if the property is held on trust. However, check that your beneficial interest is not held under either a protective trust or a discretionary trust - a beneficial interest can't be assigned under either of these.