Who prepares or generates a trust deed document?
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134liesarenocomfort postedSomebody who wants to set up a trust.
I'm sure this isn't the answer you want - try another question!
Posted on 05 February 2010 |
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134liesarenocomfort posted
It doesn't have to be a solicitor, but trusts are potentially complicated little blighters, and I think it would be sensible to take advice from a solictor and/or an accountant. Why don't you post some basic details of what sort of trust you had in mind, or more importantly, what you are trying to achieve, and other posters can give you their views. It may be there are other, better ways of doing what you want, than setting up a trust.
Trusts are not set up and forget devices, they have "running cost"...
Posted on 05 February 2010 | Love 1 love
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410manzanilla posted
see my answer to your other question.
manzanilla
Posted on 05 February 2010 | Love 0 loves
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804MikeGG1 posted
If this is for your own child who is under 18 then a 'Bare Trust' is usually all that is necessary and it does not need to be formally documented.
You just open an account for 'Your Name Re: Child's Name'
Anything else would need a Solicitor.
But see my comments on the other question.
Mike
Posted on 05 February 2010 | Love 1 love
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410manzanilla posted
Anything else would need a Solicitor.
There are very few legal documents that actually have to be prepared by a solicitor. But you would have to mad to try to do a trust yourself.
And I repeat what I said on the other thread. Do not go to any old solicitor - even your friendly usual one who normally does your wills etc. Get a STEP practioner. Yes they will charge more. And there may not be one just round the corner for you. But trust taxation is now VERY complicated and you want someone who won't just do what you say but who will point out the tax disadvantages and the running costs of a trust. It may cost you a few hundred and you may decide that a trust is not a good idea - that is money very well spent,compared to the alternative of the expence and hassle of running a trust which does not deliver you the benfits that you had hoped for.
If you want to do background work yourself to minimise legal bills (always a good idea to know a bit about the subject) then get Tolley's UK Taxation of Trusts handbook. The 2009 edition. And then of course expect to get the 2010 edition when it comes out...
manzanilla
Posted on 06 February 2010 | Love 1 love
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0Nikki09 posted
for example if i wanted to open a 4 year fixed rate bond with birmingham midshires and i wanted this to be a bond in trust for my child they require with the application form a trust deed document or proof of me being a trustee to open the bond as a trustee for my child.
in the above situation how would i go about supplying the document?
Posted on 06 February 2010 | Love 0 loves
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804
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804MikeGG1 posted
Nikki
If the source of the money is another person, such as a Grandparent, Aunt or friend, you only need a 'Bare' Trust which should only require a copy of the birth certificate. The fact that you are named on it entitles you to act on behalf of the child.
You would be able to sign the tax exemption certificate R85, until your child is 16 when they have to sign for themselves. That is when they can go out to work rather than coming of age.
However, if the source of the money is either or both parents, then if the income generated is more than £100 per year, the income is regarded as belonging to the parent. There would be no point in the exercise.
If your child was born in 2002 or later a Child Trust Fund could be set up. These are special accounts, rather like ISAs, to house the vouchers from the government, but you could also put an extra £1,200 per year into themwithout incurring tax. They would become the child's own at the age of 18, to do with as they please.
Mike
Posted on 08 February 2010 | Love 0 loves
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