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How much will I need to establish a Trust?

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.

I have a good relationship with a bank/broker/portfolio manager, and would like the new structure to use their services; is this possible?

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

Can I select the name of my trust or company?

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.

Can I have access to bank/portfolio accounts which will be owned by my Trustand/or Company?

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.

How quickly can my Trust and/or Company be established?

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.

What type of assets can be held in a Trust or company?

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.

What would happen if I became ill and was unable to monitor my affairs, either temporarily, or permanently?

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.

Can I have a say in what happens to the assets in Trust after my death?

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.

Can I benefit from a Trust which I establish?

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.

Can I appoint someone to monitor the Trustee’s administration of the Trust?

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.

Can I instruct the Trustees to make certain investments, etc?

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

Can I act as Investment Adviser or Investment Manager?

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.

What will happen to my Managed Company if I die unexpectedly?

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.

Can I add assets to the Trust in the future?

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.