We are experts in setting up Trusts that are tailored specifically to meet your needs. They can be used for many reasons, including family succession planning, asset protection and tax planning.

There are different types of Trusts available some of which are flexible, others restrictive. These include Discretionary Trusts and Disabled Person’s Trusts.

Which type of trust is more appropriate?

We can assist you in choosing the Trust that’s right for your personal circumstances. There are a number of factors that need to be considered, including:

  • the age of the disabled or vulnerable person
  • the nature and the long-term prognosis of any disability
  • if the disabled person is in receipt of PIP, their award will be reviewed more regularly than DLA and this could result in the withdrawal of the benefit and, therefore, failure to qualify as a DPT. If this is likely, we will consider whether a Discretionary Trust may be more appropriate.
  • we will also consider the needs of the disabled person, for example, where they are likely to live, who will care for them, how the carers will be compensated and the needs of other family members.

We can also help you decide who the Trustees should be. Trustees can be family members, friends or professionals, or a mixture of these. The appointment of suitable Trustees is essential to ensure the Trust runs smoothly and that they provide the appropriate provision for the disabled or vulnerable person.

How does the process work?

The process of setting up a Trust starts with an initial meeting which can take place at your home or in our office. Prior to the meeting we will ask you to give some thought to what you would like the Trust to do and who you would like to be the Trustees. During the meeting we will discuss with you why you would like to set up a Trust, who you would like to protect, what those person(s) needs are and your aspirations for them.

We will be able to advise you on the type of Trust which is right for you depending on circumstances. We will also discuss the assets you would like to go into the Trust and when you would like the Trust to be activated – immediately or in the event of your death. We will talk through the duties and responsibilities of the Trustees you have selected and changing Trustees in the future. We will also ask you to consider what happens if the beneficiary of the Trust dies and if any funds are left who this would go too.

As part of setting up a Trust, a Letter of Wishes is written which includes guidance to the trustees about what you would like them to do with the Trust.

After the meeting we will prepare the Trust and the Letter of Wishes, which will be sent to you for approval. You will have the opportunity to review and amend the Trust before it is signed either in your own own or at our offices.

For more information on Trusts or to speak to us about the costs, please do not hesitate to contact us.

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