inheritance

jlawrence

Mojisola wrote: »

Why would you think an EA would be qualified to give financial advice even if he was a competent EA?

Why wouldn't you do a bit of research to find out whether other people thought the advice was good?

Thanks Moj, Maybe for the same reason that most normal people don't shop around talking to various GP's to see if there is a consensus of opinion. People do have to trust people you know, especially if like us, they know nothing about the subject.

jlawrence

cbrown372 wrote: »

Ignorance is no excuse Andy, certainly not when spending £100k. :beer:

Hi brown, How can it be ignorance if you don't know any better yourself or are you so mistrusting of people in general that you have to seek multiple opinions to satisfy yourself that what you are told appears to be reasonable? I keep asking why do you mention Andy every time you reply?

steinson

Who looks after the trust Ie decides what money I can spend on what don't have relatives I could ask

cattermole

steinson wrote: »

Who looks after the trust Ie decides what money I can spend on what don't have relatives I could ask

Mencap offer a Discretionary Trust Service, you don't have to have a Learning Disability to use their service as far as I know. They charge for setting up the Trust.

There maybe other Charitable Organisations offering a similar service.

jlawrence

cattermole wrote: »

Mencap offer a Discretionary Trust Service, you don't have to have a Learning Disability to use their service as far as I know. They charge for setting up the Trust.

There maybe other Charitable Organisations offering a similar service.

Hi Cattermole, Are you seriously advising that people should appoint a complete stranger, a charity even, to be trustees of a Discretionary Trust? What happen if the trustees don't agree with the reason why you need some money?

HB58

I assumed that the organisation Mencap would help with setting up the trust, not that they would act as trustees.

jlawrence

HB58 wrote: »

I assumed that the organisation Mencap would help with setting up the trust, not that they would act as trustees.

That's not what the poster intimated.


"Mencap offer a Discretionary Trust Service.......... They charge for setting up the Trust.

There maybe other Charitable Organisations offering a similar service."


When a trust is set up trustees are appointed. To me that 'service' suggests that they act as trustees.

steinson

If there isn't someone I know available to be a trustee what can I do, can I pay for this service professionally?

rogerblack

steinson wrote: »

If there isn't someone I know available to be a trustee what can I do, can I pay for this service professionally?

That is what the mencap service mentioned above does.

Housing_Benefit_Officer

Confused here. I have never heard of a property deal where you give the Estate Agent £100,000 that they then keep and will hand back to you in 2020 and you also take out £100,000 mortgage that you don't pay any interest as the £100,000 you have given to the Estate Agents offsets this???

Whose names are on the deeds and what is the debt owing on the property and who is it owed to. How much did the property cost to purchase. Did your solicitor give any advice to this very peculiar and odd financial arrangement.