Setting up a Trust Fund

[PaceSetters]

Hi Guys

Not strictly a business question I am afraid, but something that I would appreciate help on for a personal matter.

Unfortunately I am in the position of having to set up a trust fund for my sisters two boys, aged 14 and 15, as she passed away recently. I am currently still going through the whole probate issue, but should have this sorted in the next few weeks.

Can anyone advise the best way to go about organising the trust fund. Do I have to go though a solicitor, or is it something that I can do myself?

Any help would be much appreciated as I am pleased to say I have not been in this position before.

regards
Geoff

[M-C Hoare]

Are you using a solicitor for the probate? If so, ask them. If not, you can probably find a local solicitor who will do a free initial consult.
I don't know the answer but it may be as simple as you invest the money somewhere on behalf of the children and allow them allowances from the money as appropriate.
Check out the Society of Trust and Estate Practitioners standard provisions as this sets out fairly clearly what a trustee can and cannot do.
Sorry cannot be more help - not my area.
Marie

[PaceSetters]

Hi Marie

Thanks for the advice. I am currently using a solicitor for probate as we have also had to go through the whole court process for residency as well. Its all just starting to add up a bit so I just wondered if there were any standard templates for Trust Funds that I could use to make things easier.

I will check out the Society of Trust and Estate Practitioners though, and once again, thanks for your speedy advice.

regards
Geoff

[M-C Hoare]

I would have thought that if you are already paying them for the probate and residency, they will at least be able to tell you (gratis) whether you need a special trust or whether wherever you put the money is considered a trust because you hold the money on trust for the children - holding on trust can arise without a formal deed (ie when you buy a house jointly with someone, you are deemed to hold the house on trust for sale for each other).
Marie