Discretionary Trusts and Trust Management

Long-term financial security of a family member is always a concern, particularly for parents who want to protect their child in the future. We can prepare the Trust, appoint Trustees and ensure the Trust remains appropriate should circumstances change along the way.

In particular, if an individual receives community care services and/or means tested benefits, a trust is often the best way to ensure their entitlement to those benefits is safeguarded.

We can prepare an appropriate Trust Deed creating a stand alone lifetime trust or have the trust provisions included in your Will to be used at a future date, in the event of your death. We can advise on the use of the Trust and tax implications and ensure measures remain relevant and adequate should your circumstances change along the way.

We can advise you on how the Trust should be run, help you with choosing Trustees and discuss how a financial and personal management plan for the beneficiary will be prepared and implemented alongside the Trust.

We also offer a trust management service which can be tailored to an individual’s requirements providing maximum support, where required right the way down to ad hoc one-off services being provided as and when lay person Trustees feel they need assistance.

The full support package would be available where our Trust company is appointed as Trustee on the Trust.

If we are the sole Trustee, we are able to:

  • open a trust bank account;
  • prepare a financial and personal management plan with any beneficiary who is deemed to be vulnerable or who lacks capacity, by engaging, where possible, with the beneficiary and/or their circle of support;
  • prepare annual accounts and submit an annual tax return on behalf of the Trust;
  • ensure any beneficiary is provided for, as intended, by the person establishing the trust and discuss with them their wishes as to how they would like the Trust assets to be used;
  • where appropriate, take investment advice from an Independent Financial Adviser on how best to invest the trust monies to support the beneficiary;
  • meet regularly, as required, but no less than once a year, with any other Trustees to discuss any changes to the financial and personal management plan and where appropriate, discuss such changes with the beneficiary.