Has anybody had any experience with trust funds

[Netlifer62]

My 30 yr old son has learning difficulties, but he now feels the need for independence. We are fortunate enough to be able to buy a small flat for him and I wondered if anyone has experience with trust funds , can one be set up to put a property into trust to protect his interests when we are gone.

[Julie_Schwarz]

Hi My name is Julie Schwarz and I run Mencap Trust Company Ltd. There are lots of ways of using trust funds to help with housing so please give me a call on 020 7696 6932 if you think I can help.

There will be no “hard sell” - we are very proud of the work we do for our 232 beneficiaries but we also know we are not right for every family. The important thing is the discretionary trust law is powerful and families need to know about it and think about how they can use it.

Here is the link to lots of info.

https://www.mencap.org.uk/mencaptrustcompany

[matthew.groves]

Good afternoon Netlifer62,

We are delighted that your son is seeking his independence and that you are so supportive of him on this journey.

To answer your questions yes, property can be held in Trust for your son.
The property would technically belong to the Trust, and your Son would be able to live in it.

It is advisable to leave additional funds for any maintenance and upkeep costs of the property, as the chosen Trustees will be responsible for the upkeep of the property.
Trustees are people you will choose to run the Trust for your son, there must be a minimum of two and a maximum of 4.

You can write a letter of wishes where you can state what you wish to happen to the property if it no longer becomes suitable for your son.
If you would like further information please call Mencap’s Wills and Trusts Team on 0207 696 6925.

Mencap’s Wills and Trust Service helps parents with the vital task of providing financial stability for their child’s future.
We offer advice and support around writing a Will and setting up a Trust, providing free literature and running Free Planning for the Future seminars across England, Wales and Northern Ireland.
If you would like any information, or would like to attend one of our free seminars please contact the team on 0207 696 6925 or visit www.mencap.org.uk/willsandtrusts

Thanks,

Matt

Gifts in Wills Co-ordinator

[Jules62]

I used Mencaps wills and trust service, it has given us peace of mind as a family and we now don’t need to worry about the future (other than deal with the inland revenue, but that’s another topic!). We have a family discretionary trust, you register it with the IR so it is treated favourably for tax (discretionary trusts otherwise pay tax at quite a high rate) and unless you need to use it for cash during your child’s life (in case they are in receipt of money from a behest or as a lump sum gift) it can just start after you die. Creating it as part of your will planning makes it much more straightforward and your will very simple!