Trust Will vs Normal Will

spock007

Hello,

I have an existing trust set up which is to provide for daughter (a). 

Daughter (b) is a co-trustee.

I wish to write a will and I would ideally like my money to go directly into this existing trust for daughter (a) as I believe this would be a simple and low-cost trust fee. Is this possible or would I need a more costly trust will? 

I am not clear on whether this trust will creates a new trust or is required simply to direct monies to my existing trust for daughter (a). 

The other option is to simply leave all the money to daughter (b) in the hope that she puts half of it into the existing trust for daughter (a) upon my death. 


Thoughts? 

Furthermore, I was considering a Marie Curie free will service, because other than the above, it's going to be pretty simple and I want to leave them some money. But I'm also not sure whether they'd be able to handle the above and if I'd be best using a solicitor. 


Thank you in advance

RAS

Why do you think you need a trust to provide for daughter (a), and not for daughter (b)?

Emmia

spock007 said:

Hello,

I have an existing trust set up which is to provide for daughter (a). 

Daughter (b) is a co-trustee.

I wish to write a will and I would ideally like my money to go directly into this existing trust for daughter (a) as I believe this would be a simple and low-cost trust fee. Is this possible or would I need a more costly trust will? 

I am not clear on whether this trust will creates a new trust or is required simply to direct monies to my existing trust for daughter (a). 

The other option is to simply leave all the money to daughter (b) in the hope that she puts half of it into the existing trust for daughter (a) upon my death. 


Thoughts? 

Furthermore, I was considering a Marie Curie free will service, because other than the above, it's going to be pretty simple and I want to leave them some money. But I'm also not sure whether they'd be able to handle the above and if I'd be best using a solicitor. 


Thank you in advance

For this you should be using a STEP qualified solicitor. I'm not sure who Marie Curie will direct you to, but what you're seeking is more complex than the usual wills provided under the free scheme and so you'll probably be charged anyway.

Keep_pedalling

Emmia said:

spock007 said:

Hello,

I have an existing trust set up which is to provide for daughter (a). 

Daughter (b) is a co-trustee.

I wish to write a will and I would ideally like my money to go directly into this existing trust for daughter (a) as I believe this would be a simple and low-cost trust fee. Is this possible or would I need a more costly trust will? 

I am not clear on whether this trust will creates a new trust or is required simply to direct monies to my existing trust for daughter (a). 

The other option is to simply leave all the money to daughter (b) in the hope that she puts half of it into the existing trust for daughter (a) upon my death. 


Thoughts? 

Furthermore, I was considering a Marie Curie free will service, because other than the above, it's going to be pretty simple and I want to leave them some money. But I'm also not sure whether they'd be able to handle the above and if I'd be best using a solicitor. 


Thank you in advance

For this you should be using a STEP qualified solicitor  - I'm not sure who Marie Curie will direct you to, but what you're seeking is more complex than the usual wills provided under the free scheme - and so you'll probably be charged anyway.

I second this, whether the will sets up a new trust or makes an existing trust a beneficiary, it is no longer a simple will and needs a specialist to make sure it is drawn up correctly.

Based on a previous thread the existing trust is for your disabled daughter so I assume it is a disabled person’s trust you already have in place.  

RAS

If it is a disabled person's trust you need proper legal advice because it need to be absolutely right. 

poseidon1

spock007 said:

Hello,

I have an existing trust set up which is to provide for daughter (a). 

Daughter (b) is a co-trustee.

I wish to write a will and I would ideally like my money to go directly into this existing trust for daughter (a) as I believe this would be a simple and low-cost trust fee. Is this possible or would I need a more costly trust will? 

I am not clear on whether this trust will creates a new trust or is required simply to direct monies to my existing trust for daughter (a). 

The other option is to simply leave all the money to daughter (b) in the hope that she puts half of it into the existing trust for daughter (a) upon my death. 


Thoughts? 

Furthermore, I was considering a Marie Curie free will service, because other than the above, it's going to be pretty simple and I want to leave them some money. But I'm also not sure whether they'd be able to handle the above and if I'd be best using a solicitor. 


Thank you in advance

I am with Keep_pedalling on this, you definitely require a STEP qualified solicitor not only to settle the terms of your Will with regard to additional provision for your disabled daughter, but also review the two (?) pre existing trust arrangements you say were set up by a Financial Adviser, in a previous thread.

I am a bit concerned that you view these as primarily investment arrangements with no proper understanding of your trustee powers and obligations, especially if you have now cut ties with the FA and gone 'solo' with regard to running the trust (s) - the following thread back in 2019 is a concern in this regard - 

https://forums.moneysavingexpert.com/discussion/6048749/adviser-fees#latest

Trusts specifically set up for disabled persons  ( Vulnerable  people) attract favourable tax treatment from HMRC but only if the trust deed conforms to specific criteria, and the administration of the trust is conducted appropriately. If you have not already done so, you should familiarise yourself with HMRC rules per link below-

https://www.gov.uk/trusts-taxes/trusts-for-vulnerable-people

With regard to trust tax compliance matters:

* Have you registered the trust/s on HMRC's trust register within the required time deadline? (penalties for non compliance)

* Has the trust/s been generating annual income and gains and have you been submitting trust tax returns reporting thereon?

* Have you submitted to HMRC a Vulnerable Person's Election ( VPE) form, to obtain favourable income tax and CGT treatment for the trust as set out in the HMRC link above?

If you have not been in compliance with any or all the above matters, your administration of the trust should be reviewed by the specialist solicitor handling your will.

Forget about doing this on the cheap via a referral from Marie Curie, you need to ensure the trust already in exsistence is being administered properly and is a suitable vehicle for future additions via your Will.

spock007

Hi all and thanks for your comments!


Yes, (step) daughter (a) is autistic. I was her financial guardian but that has now lapsed since she decided to move in with her father - so the £££ affairs were too much to handle at distance. I am substitute legal guardian. 

- I have registered the existing trust. 
- I have not been submitting annual trust tax returns (I didn't know this was a requirement)
- I have not filled out any VPE form. 

I will be looking into the last two points, thanks. 

I will seek the appropriate advice, thanks