It’s a simple process:
- You decide who the Trustees will be. These are individuals who will be legally responsible for looking after the money. You can choose relatives, close friends or a professional, such as one of the Partners at Nelsons
- A Trust Deed is then prepared, which you and the Trustees sign
- The funds are then received by the Trustees. These funds can be held in our client account or invested. The Trustees may well also need to set-up a bank account.
- The Trust is then registered with HM Revenue & Customs, who may require tax returns to be submitted, although in general terms, the form of Trust used means that any relevant income can simply be reported on your own tax return
- You also need to consider what should happen to any money left in the Trust after you die. We would recommend that you make a Will, if you have not already done so, or review any Will you already have in place.