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Family Trustee AGM Required?
Nashville_Nancy
Posts: 2 Newbie
My parents have their will with a company called Affinity and they are asking that we have a Family AGM to keep tax man happy they can do this for us but will cost them £200 approx.? I feel they are always asking for money from them for something? I look forward to hearing from you. Many thanks.
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Comments
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You would have to look at the terms of any trust which there is.
However, I would encourage your parents to go to see a real solicitor and get some up to date advice about whether their exisiting wills and other arrangements are appropriate , and what, if anything, needs to be done.
If there is a current trust then the trust is a legal entity and may well need to file a tax return, however, it's fairly unlikely that a formal meeting is needed - what exactly are the company proposing to do for their £200?All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
It sounds like a rip off. Wills don't normally incur any costs until the person dies. Is there some kind of trust involved?Nashville_Nancy wrote: »My parents have their will with a company called Affinity and they are asking that we have a Family AGM to keep tax man happy they can do this for us but will cost them £200 approx.? I feel they are always asking for money from them for something? I look forward to hearing from you. Many thanks.0 -
Thanks for replies. Yes there is a Trust involved, I'm just getting somewhat concerned about it!0
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Nashville_Nancy wrote: »Thanks for replies. Yes there is a Trust involved, I'm just getting somewhat concerned about it!
Can you be clear. Is the Trust something that in the future will be created by means of their will? Or is it in existence now?
Your parents can see a solicitor and change their wills, if they are of sound mind. But if there is a Trust in existence now then whatever assets in it no longer belong to your parents.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
The Trustees can arrange to meet and discuss the Trust and make a note of the details. No need for a solicitor to be present. What Trust was created?
SamI'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.0 -
Just checking, alerted by your username ...
You're not in the United States are you?
This is a U.K. message board, and the rules for and administration of U.S. Trusts isn't something we would be likely to know about here.0
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