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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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i would like to know how to go about opening a trust for an

Customer Question

i would like to know how to go about opening a trust for an 18yr old
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

As you know,a trust is a legal arrangement where one or more people or a company (called the trustees) controls money or assets (called the trust property) which they must use for the benefit of one or more people (the beneficiaries).

It is very important to know that setting up trust is a complex process and any mistake can be costly. Professional legal help should be sought while drafting its constitution and I would very strongly assert that it is not a job of a lay person to attempt it.

To begin with, you have to choose people to be your trustees, usually family members or close friends who you know you can rely on. Think carefully about who to ask, and make sure they’re happy to take on the responsibility. You should have at least two trustees, but probably no more than three or four.

The following is an excellent resource to help you understand basics of trusts.

http://www.hmrc.gov.uk/trusts/intro/basics.htm

If you scroll down the above given link, it would also direct you to resource which will help you find a professional solicitor from your area which will help you set up a trust.

Apart from above, you may also use services like as under.

http://www.inheritancesolutions.co.uk/trusts/what-are-the-benefits-of-setting-up-a-trust.html

I am sure this would help.

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Warm Regards,