Cost Of Placing Estate In Trust

SeniorSam

One additional point that you may not be aware of regarding Trusts. The taxation of Trusts can be complex and costly unless certain investments are used, where there is no income or gain, so do take advice on this before you pass, so that you can leave instructions to help your executors.  When it comes to appointing executors and Trustees, it would be best if they are financially aware in order to ensure that your estate is managed in the best way possible. Family Trusts can be easy if you know what you are doing.  I hope this helps.

norm27

Thank you very much for all your interesting and useful comments. On reflection I take the point that it would be better for each individual to do his own thing with the safeguard of the legal backing of a Solicitor should he be thinking about setting up a Trust. I will not offer a copy of my documents to anyone.

Marcon

norm27 said:

Thank you very much for all your interesting and useful comments. On reflection I take the point that it would be better for each individual to do his own thing with the safeguard of the legal backing of a Solicitor should he be thinking about setting up a Trust. I will not offer a copy of my documents to anyone.

Good call, tempting as it is to try and help a neighbour. Setting up a trust for a disabled child (or other vulnerable beneficiary) gets special tax concessions, so if he doesn't have a disabled child, then your documents won't be applicable. If he does have a disabled child, personal advice on his particular circumstances  would be a far better idea than an (apparent) saving on professional fees, which could cost a lot of money is something isn't absolutely right for his situation.