Why You Might Use a Trust
You might set up a trust:
To support someone who can’t manage their money, so that their needs are looked after, even when you aren’t able to help them
To make sure that your own money is used to look after you if you can’t look after yourself
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A trust can be especially useful if you have a child with a mental health condition or learning disability and you’re worried about how they’ll manage financially after you pass away.
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They can also help someone with a mental health condition or learning disability who’s claiming state benefits, such as Disability Living Allowance (or Personal Independence Payment), or getting cash help from their local social services department.
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The benefit payments can be made to the trustees, who’ll use them according to the rules of the trust.
Choose Your Trustees
You have to choose people to be your trustees, usually family members or close friends who you know you can rely on. Think carefully about who to ask, and make sure they’re happy to take on the responsibility. You should have at least two trustees, but probably no more than three or four.
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Alternatively, you can appoint a company as your trustee, such as a bank or firm of solicitors – but bear in mind they will charge.