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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12195
Experience:  30 years as a practising solicitor.
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Scotland. We have a discretionary trust -2015 in favour of

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Scotland. We have a discretionary trust -2015 in favour of our three children, £85,000 the money is being looked after by a firm of investment managers so that side of it is OK. However the firm of solicitors who set up the trust and are a trustee along with my wife and myself seem to be charging too much as administrators. What would you think a fair charge would be?
If we are still not comfortable with our current administrator how easy is it to change to another firm>George

Thank you for your question. I am a solicitor in Scotland. Administering a trust would normally be charged on an hourly rate if there is work which may be uncertain in terms of quantity and a typical hourly rate would very between about £180 per hour to £280 per hour plus VAT depending on the firm and the skill and experience of the solicitor involved. Alternatively a fixed fee might be charged for routine work that is ascertainable such as trustee meetings and preparing minutes and reports. What are you being charged at the moment and what is the work that is being done?

Customer: replied 4 months ago.
We are being charged £750 + Vat per year plus we paid £1,200 +vat for the initial setup. As far as we can see all they have to
do is to look at the investment firm's results and see if the are in order. Unless there is a problem an hour tops should do.
The investment firm charge 1% which we think is reasonable.

Thanks. Frankly I wouldn’t do it for less than £750 where you have the responsibility of being a trustee and examine the investment and advise on it. There will be more than an hour’s work in the background as they will have to review the file. So your decision is whether you want them at all or would you be happy just to deal with the financial adviser without legal input? Many people do but if you want them I can’t say that their charge is unreasonable. Many firms, including my own, will charge more. I hope that helps. Please leave a positive rating so that I am credited for my time.

Customer: replied 4 months ago.
Last part of my 1st question - how easy is it to change administrators especially as they are a trustee?
Thanks so far your answers have been helpful

You can ask them to resign as trustees and appoint others or not as the case may be. A Deed of Resignation, Assumption and Conveyance would be the relevant document to use.

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