A Trust can be established with as little at £10, though Concept require funds to be added which will cover the costs of set up, the first year’s annual fees, and a working balance of between £2,000 and £5,000, depending on the activity anticipated.

Concept will consider any such recommendations and, if they are considered as having the relevant expertise, we will be happy to appoint them.

The Trust can have any name of your choosing; it is suggested that three suggested names are provided for a managed company, in case there is already a company registered with your first choice.

The Trustees and Directors must have full control of all assets, and as such third parties are not permitted to be signatories; however, in most cases you can have viewing access and receive duplicate reporting directly from the bank/portfolio manager.

The establishment can be achieved on the same day, in certain circumstances, subject to Concept receiving the appropriate legal/tax advice, and all clients due diligence requirements being satisfied.

The Trustees and Directors will consider accepting most assets, whether tangible or intangible; some of the common assets held would include; cash, quoted investments, private equity stakes, property, land, vehicles, works of art, bloodstock, image rights, to name but a few.

The Trustees and Directors have full control and responsibility for the assets held by them, and whilst they would, if required, consult with you regarding the administration of those assets, if you were incapacitated, they would continue to manage the assets in accordance with the Trust Deed.

You can provide the Trustee with a Letter of Wishes, which though not legally binding, will give the Trustee some guidance as to what you would to happen to the Trust fund after your death.

In theory there is no reason why a person settling a trust cannot benefit from that trust, though whether this is advisable will depend on the settlor’s personal circumstances, and as such legal or tax advice is essential.

You can appoint either a person, or a committee, to act as Protector of the Trust; the Protector will have certain powers, such as approving the appointment or removal of beneficiaries, and will report back to the settlor. It is suggested that a Protector be either a person who is fully aware of the settlor’s family and personal circumstances, or a trusted professional.

The Trustees have the responsibility for all decisions regarding investment, except where a discretionary manager is appointed, but will take into account your suggestions.

Any investment adviser or manager based in the UK must be FSA regulated; those outside of the UK must possess the appropriate expertise and experience, and be able to demonstrate this.

The Directors of the Company will continue to manage the day to day business; the shares in the Company would pass in accordance with your will, and the new beneficial owner would be required to complete Concept’s client due diligence procedure.

The Trustees will be afforded the power to accept further assets into the Trust by the Trust Deed; the assets will be subject to source of funds verification before being transferred.