Financial & Legal News

How can a trust help me?

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Mrs. A. was an elderly widow who was concerned that, upon her death, her only daughter an alcoholic, would have access to more money and drink herself to death.

Pearson Solicitors advised her to leave her estate into a discretionary trust, where the trustees have a discretion as to which of a number of potential beneficiaries should benefit from the trust fund.

Mrs. A. asked that the trustees should retain the funds until her daughter had been teetotal for over 12 months.

Mrs. A. died in 2013 leaving an estate worth about £200,000.  The trustees used part of the funds for hospital treatment for her daughter and then later used the rest of the money to buy a house for her.

There is little doubt that the daughter would not be alive today if Mrs. A. had not taken this step.

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

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