Initial advice on Trusts

TC77
TC77 Online Community Member Posts: 1 Listener
in Money and bills

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

Comments

  • chiarieds
    chiarieds Online Community Member Posts: 17,439 Championing
    edited August 2024

    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_Alumni
    Albus_Alumni Scope alumni Posts: 11,423 Championing

    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.

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