Using a Tax Specialist Accountant

Invest987

My Children 17& 15 have inherited over £550k under a Descretionary Will to be released at 25. I am at the point of all the money nearly being gathered in the Executors account. I now need to find a Trusting Bank Account. Would you advice having an independant Tax Specialist at the initial cost of £1k  or will the Banks Services suffice? Also which Bank would you use? 

tacpot12

I would recommend using a Tax Specialist to ensure that you comply with all the tax rules. However, £1K is too much to pay for tax services for a simple trust. I would expect the cost to be less than half that say £400 per year (the trust should pay this). You cannot use a bank, as none of them offer this service.  

Is there any chance you are confusing a "Tax Specialist" with an Independent Financial Advisor? I would recommend using an Independent Financial Advisor to decide what to invest in, and I would expect than an IFA would charge an initial fee of about £1000 to recommend a portfolio. If you can find an IFA who also has a Tax Specialist working for them, you might be able to negotiate a package deal on their fees.

eskbanker

tacpot12 said:

Is there any chance you are confusing a "Tax Specialist" with an Independent Financial Advisor? I would recommend using an Independent Financial Advisor to decide what to invest in, and I would expect than an IFA would charge an initial fee of about £1000 to recommend a portfolio. If you can find an IFA who also has a Tax Specialist working for them, you might be able to negotiate a package deal on their fees.

OP has already been pointed towards IFAs in previous threads about this:

https://forums.moneysavingexpert.com/discussion/comment/77560536/#Comment_77560536
https://forums.moneysavingexpert.com/discussion/comment/77561886/#Comment_77561886