Finances and extra costs
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Running a Trust

jameswardlejameswardle Member Posts: 1 Listener
edited January 6 in Finances and extra costs
Hi everyone 

Do you have any experience of running a Trust you can share with me.?

My mother who was my brother's carer passed away last year and left her house and some shares in her will to A  Discretionary trust.

I'm the trustee of this trust and my brother is the beneficiary, we have just gotten probate, and now I need to work out what I do and dont put in the trust. to provide for my brother.

Do you have any suggestions on how best I can fund things for my brother?
Any tip for not paying too much tax.  Trusts seem to be a minefield?
Any suggestions for a good Solicitor or Accountant who is experienced in running trusts for a vulnerable adult?  I have a solicitor but they are not experienced enough and I'm going to change.

Thanks

James




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Replies

  • janer1967janer1967 Community champion Posts: 6,231 Disability Gamechanger
    Hi and welcome glad you have reached out for help this must be a minefield 

    I dont really know who to signpost you to for help 

    Maybe CAB could help 

    I hope other members will be able to give you more advice 
  • endowarrierqueen96endowarrierqueen96 Member Posts: 24 Connected
    Keep daily records. I recommend a electronic spreadsheet which is updated monthly or weekly of all ongoing costs. Failing that, try keeping a finance diary of expenses etc for any specialist equipment, special needs childcare and so on.
    Alternatively you can jot down all the costs on a empty blank Word document and print off two copies each week. Make a note of what goes in and comes out of your main bank account too. Colour code finances, for example medical expenses blue, school related fees are in red, yellow denotes childcare fees, and green is for all the other stuff like new furniture. That way you can monitor your expenditure.
    See what the monthly trends are and so on. Store all important finance paperwork in a lockable safe for your peace of mind. Always make double copies in the event of a unwanted robbery or power failure. Best of luck. 
  • woodbinewoodbine Member Posts: 2,228 Disability Gamechanger
    hi @jameswardle I would suggest asking your current solicitor for recommendations for someone with more experience, failing that you could contact the law society for help.
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