IHTM15092 | Types of joint property in Scottish law: joint property rights of trustees and partners

In this type of joint ownership the assets automatically accrue to any remaining trustees or partners after one of them stops being a partner or trustee. A deceased’s interest in property held in this way will probably be returned as an interest in the trust, or the partnership, and will not be returned in the form IHT400. But the asset may be shown as ‘trust property’ for the purposes of obtaining title under the Grant of Confirmation (IHTM05041), although its value need not be extended for tax in these circumstances.

You will need to consider the nature of the deceased’s beneficial interest (IHTM15011), if any, in the partnership or trust deed which you should ask for when you make your initial enquiries.