Issues with family trust - investment

poseidon1

I am going to leave it to others to try and explain the qualitative differences between trained and regulated solicitors and untrained and unregulated Will writing firms. Having the word 'legal' in their title does not magically confer upon them competency in the matters they say they can advise on.

In any event, I have already outlined ( in detail ) the challenges you will face in getting either a competent accountant or lawyer to assist you. Will await your feedback ( if any) on the outcome of your quest in that regard.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82151115#Comment_82151115

"Lawyer" and "Legal" are not protected words or titles in England and Wales. Anyone can describe themselves as a lawyer (unfortunately) whereas the titles "solicitor" and "barrister" are protected; and any firm or company can use "Legal" in its title without being an entity consisting of solicitors or barristers, e.g. Legal and General the financial services provider.

The Legal Services Board recommended in 2013 that to protect consumers will writing should become a reserved activity, meaning that only solicitors or barristers would be able to do it, but this was opposed by the then Lord Chancellor Chris 'failing' Grayling in the Tory / LibDem government, and so it was left out of the Legal Services Act 2007*, with the result that any spiv can set up a will writing company even if they have no experience or competence whatsoever.

Edit: * when the 2007 Act was amended in 2013

xylophone

However, you indicate that there are other beneficiaries of the trust

Potential beneficiaries?

It appears that the OP's parents were the owners of a property (marital home presumably) as tenants in common and each of them gifted his/her share into a trust that at the discretion of the Trustees could benefit the settlor or any of a class of beneficiaries?

It seems that in each Trust the settlor parent was one of the Trustees, the other being "a professional".

The Trustees (unsurprisingly) exercised their discretion in favour of the settlors who continued to live in the property?

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82150871#Comment_82150871

Solicitors firms tend not to have the word Legal in their name. They tend to be called something like Withers or Farrers, Linklaters or Slaughter & May, Freshfields or Allen & Overy. Over the years there have been mergers so some have less snappy names now (Freshfields for example) but they do all tend to assume you know what they do.

As an aside I looked up Withers to make sure they still existed and found a page on their site which might amuse some posters here. It is called Succession Game - Can you protect the family legacy. I haven't tried playing it but you may find it here (the page is one of those slide show type set ups so if it doesn't show right away it may be along shortly)

International Law Firm | International Lawyers | Withers

OP This should not be taken as any sort of recommendation of Withers. Withers is a firm which as @poseidon1 said may not be willing to take on a trust with a small trust fund (though £300k isn't that small) but even if they were willing to act they are going to be on the expensive side. I, for one, couldn't afford them (not that I have asked).

Heedtheadvice

I do take my hat off to a those still trying to help, squeeze out info from and guess the full situation that MistySky has been seeking help on. I doubt if there will ever be sufficiently comprehensive description of the Trust's and surrounding situation to fully help. Well done in MSE tradition for trying and attempting to fill in the blanks in information from the OP.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82151335#Comment_82151335

A reality check here. None of the firms mentioned deal with ordinary members of the public who do not also qualify as HNW or more likely UHNW. Farrers for example are solicitors to the Royal family.

Withers in particular has on its client roster top international figures in the business and the entertainment world. Their hourly charge rates to clients start at £300 for trainee solicitors, all the way to £1,050 per hour at senior partner level.

For 2025/26 this translated into partnership revenues of £357 million

https://www.withersworldwide.com/en-gb/price-and-service-information/probate

https://www.globallegalpost.com/news/withers-profits-jump-almost-30-as-revenue-nears-ps360m-1159191239

At these charge rates or higher the vast majority of the general public are completely priced out of this very rarefied advisory market.

In this market £300k is more likely to be the trust's annual income rather than its capital value to have any prospect of being offered services. For firms at this level you are talking only multi million pound trust funds having the resources to access their services. A £300k trust fund capital value for this cohort is miniscule.

The OP should accordingly significantly lower his expectations, he will be looking to his local high streets rather than knocking on the doors of these very expensive prestigious central London firms.

DRS1

Yes well I was just giving examples of the names of firms of solicitors. I specifically said I was not recommending Withers and that they would be on the expensive side. I could have gone for a smaller firm like Hart Brown but I didn't think anyone outside of Surrey would have heard of them.

I have to say those charge out rates are mind blowing and as for the PEP - that used to be Magic Circle territory (the last 4 firms I named are all in that prestigious group).

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82152669#Comment_82152669

Coincidentally enough I had professionally come across Hart Brown ( HB) via their Godalming office years ago ( my London office provided consulting services to regional professional practices ).

HB are much more representative of what is accessible for normal folk, but you are still talking about hourly charge rates of between £294 to £ 468 per hour depending on seniority.

https://www.hartbrown.co.uk/probate/

Given the complexity of the OPs circumstances he would likely require experienced partner advice towards the top end of their fee scale.

As HB point out themselves, potentially contentious matters foregoes any possibilty of fixed fees. However even with their fix fee mandates the matter may occasion additional costs where there is a need to call in other professionals to assist such as accountants and barristers ( that's how my firm came within their orbit).

What I am saying is even seemingly approachable grass roots firms such as HB , could come with a potential price tag unacceptable to small trust funds such as the OP's. So despite not reaching the stellar heights by way of fee rates of the 'magic circle' city law firms, regional firms such as HB not necessarily the 'cheap' end of the market either.

MistySky

Just a reminder that all I am looking for is advice on a bank account! It looks like it might be Metro Bank as a feeder account and then investment services with Flagstone.

Heedtheadvice

Perhaps you need to take a broader view on "Issues with family trust" and "any advice welcome"?

Although I have not been able to help you several posters have tried and even a bank account recommended ( they are few and far between ) and issues to help with the pitfalls of the trust setups have been highlighted so can I humbly suggest that if you do not want other/further help or are not willing to take the suggestions made you close the thread.

However if you do wish to continue maybe review what has been written already and clearly post to address what you further desire help with.

Best wishes for a successful outcome either way. Dealing with bereavement, an elderly parent, family squabbles and managing a trust has landed you with several challenges all at once.