Initial advice on Trusts

TC77

Hi, Apologies if this is the wrong place to post but trying to get some initial advice if setting up a vulnerable person trust may work, I am happy to pay for a trust to be drawn up but trying to understand if it could work I have 2 daughters both in receipt of PIP, and young adults, and I am lucky that I may be able to move to a smaller property and help buy a flat they can live in, but don't understand what happens if one moves on etc, and don't know where I can get a basic understanding of pros and cons etc, or low cost initial advice. Many thanks for any advice or let me know if this is the wrong place. Many thanks

chiarieds

Hi @TC77 - & welcome to the community. There's some info on the Govt's website:

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

However, I think you'd be best advised by a solicitor as to the pros & cons of setting up a trust for your daughters. Solicitor's offices may offer a free short phone consultation & you can find one here (using private client-trusts in the drop down menu):

https://solicitors.lawsociety.org.uk/?Pro=True

Copy the above into your browser, as the hyperlink didn't work for this, sorry.

Albus_Scope

Heya @TC77 and a big welcome from me too. 😁

I can see Chiarieds has given the same advice I was going to offer, so I wont double up on it, I just wanted to stop in and say a quick hello.