I am thinking of leaving a male friend monies in a region of £100,000 in a discretionary trust managed by lawyers when I die, he is 69 and he claims a lot of pension credits and housing benefits, is it possible to the lawer after my death to pass £16,000 now and again to him without affecting his pension and benefits until the trust fund is extinguished and how much do you anticipate the lawyers fees to be if it is kept in a simple high interest account.
He would have to declare the trust and the income for benefitspurposes and it is likely to reduce his benefits by the same amount.
The solicitors will charge about £200 per hour plus VAT foradministering the trust so it depends really, how many transactions there aregoing through it as to how much they charge
I'm sorry, I appreciate that this is not the answer you wanted butthere is no point in me misleading you. I have a duty to advise you truthfullyand honestly, even if the answer is unfavourable
Does that answer the question? Can I assist further or answer anyspecific queries?
If you have not done already, please don't forget to positively ratemy answer service even if it was not what you wanted to hear. You should nowsee a series of buttons which enable you to rate my answer service formally.If you don't rate it positively, then the site keep your deposit and I get 0for my time. It is imperative that you give my answer a positive rating. It doesn't give me, "a pat on the head", "good boy" (like ebay), it is mylivelihood!If in ratings you feel that you expected more or it only helped a little,please ask. The thread does remain open for me to answer follow-up questions after ratingmy answer service.Rating doesn't close the enquiry atall even though the site may give that impression. It remains open for you toread and ask for further clarification.Regards.
PS Experts on here are online and off-line all day each day andweekends so please bear with me if I do not get back to you immediately.
PS. I use voice type, voice recognition typing because I onlytype with two fingers and it would take me ages. Sometimes, a computer does nothear me correctly and you will get an incoherent word. I do try to butsometimes they slip through. I apologise therefore if anything doesn't makesense. It is me losing it, not you. Just ask if anything is not clear please.