Trust Funds

[headchild]

I've wondered how to make thing easier for my daughter on my death and without her being penalised too much.

This sounds idea,l has anyone used it and do Headway have any dealings with this?

[headwayuk Partner Headway]

Hi headchild,

Thank you for your post.

We do have a factsheet, 'A guide to personal injury trusts', that you can download from our website: headway.org.uk/factsheets-l...

Hopefully this will give you some of the background you need, if you are looking to invest and protect money from a compensation/damages claim?

Many of our solicitors can advise on or handle personal injury trusts, and they should be able to give you a free initial consultation to discuss the situation.

You can search for a solicitor at headway.org.uk/legal-advice...

Alternatively, contact our helpline on 0808 800 2244 or [e-mail] and they can help you find the information you need.

For other types of trust fund an independent financial advisor should be able to give you some guidance. You can get more information on financial advice on the Citizens Advice Bureau website (note you can change the country at the top of the page): adviceguide.org.uk/england/...

Many people use trusts to protect their money at various points, and it would be interesting to hear if any of our members can share experiences of this.

Best wishes,

Headway

[headchild in reply to headwayuk]

Thank you for the information.

It is not a compensation/damage claim but just savings I have.

I am my daughters official appointee and so oversee all her monies.

I am thinking a trust fund with others to take over my role in this as well as making sure she has money to buy things for her home as needed.

I do use a financial adviser so maybe this is the way forward.

I will also read through the links you have sent me.

Many thanks

[mikep129]

Trusts seem to be the way the rich hang onto their money while the state fleeces the rest of us. With trusts, you can put your house beyond the reach of the state should you need to go into a care home, and much more.

I'm about to investigate setting one up, but you need serious advice from specialist lawyers/firms because there are many ways to get it wrong. The advice (and setting up the trust) will cost money, but as far as I can see, it could be well worth the initial outlay.

Some specialist firms run free seminars in local venues (hotels etc) to outline the basics. If you then want to take it further, they'll offer you a free one to one talk to assess your options (each case is different). After that, you have to pay fees.

I 'm no expert, so I make no recommendations except this - get proper advice, because there are a lot of things to consider.

Best of luck.

[headchild]

Thank you mike.

I will go into this carefully as I have worked hard all my life from 15 and at 65 am still doing some work although not as much. My money has been hard earned.

At the current time I am looking at things which will benefit my daughter, the lawn is to be taken up and pebbled for easy maintenance. A profile bed is also on my list of extras which will help her.

As you say the state fleeces us and I for one greatly recent what is happening in our country!!

[mikep129]

You're welcome. I too resent what's happening. You do what they say - work, save, buy a home, be prudent, plan for your old age. Then, just when you need help, they make you spend everything and sell your house and you end up in exactly the same position as the ne're do wells who just ignored them in the first place.

Trusts seem to me to be an excellent vehicle for keeping your life savings out of their hands. I attended a free seminar quite recently, organised by one of the specialist firms and was stunned by some of the things I heard.

However, I'm aware that there are people who are happy to prey on people like you and me, and they may be hard to distinguish from genuine firms. Personally, I'm ready to accept 'free' advice, but I think I need to check the credentials of any firm before I trust it and hand over my hard earned cash. Keep in mind that if someone is offering you anything (advice included) for free, there may be an ulterior motive. You get what you pay for. There's no such thing as a free lunch, etc. Tread carefully. Also bear in mind that these are only my thoughts on the subject, and I'm no expert!

Good luck and best wishes.

M

[headchild]

Thank you for the tips mike it sounds as if we are of a similar thinking.

My financial advisor is through a building society.

They do not work work the building society but are in conjunction with them.

It is where I took my first advice 20 years ago about monies I had.

I will probably begin with them and see what they suggest.

I'm not sure if my solicitor would recommend anyone as well.

Now it's in my mind I will see it through, I'm wondering if I could start with sum and maybe add to it as time goes on as obviously want to keep some back for myself but not sure how much I would need - depends how long I live I suppose lol