Timeline for Looking after a wayward brother in mother's will
Current License: CC BY-SA 4.0
25 events
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| Jun 4, 2019 at 5:22 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| Jun 3, 2019 at 4:28 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| Jun 1, 2019 at 21:50 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 30, 2019 at 21:22 | comment | added | Harper - Reinstate Monica | @DarcyThomas very good point. It seems apparent OP is not a hedge fund manager. | |
| May 30, 2019 at 20:57 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 30, 2019 at 20:18 | comment | added | DarcyThomas | @Harper (re reinvesting) You know that, I know that, but you would be surprised how may people don't. I want to make sure OP or their brothers children don't learn that the hard way. OP talks about "...living off the interest (but unable to touch the capital)" which sounds to me like the kids would end up with capital that has been erroded by inflation. So I think the point is worth making. | |
| May 30, 2019 at 20:09 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 30, 2019 at 19:01 | comment | added | JBentley | @AndrewLazarus In the UK at least, professional trustees often charge high fees because they take on a great deal of risk in terms of personal liability. I'm also guessing that in OP's case he has been offered an investment management service rather than merely disbursing income. Regardless, £50k is pretty crazy. You could hire a full time investment fund manager in that ballpark. | |
| May 30, 2019 at 18:33 | comment | added | Andrew Lazarus | @JBentley I think that makes it worse. The initial drafting takes some effort, even from a template. The annual disbursement should be relatively quick. | |
| May 30, 2019 at 13:52 | comment | added | Harper - Reinstate Monica | The "reinvest" advice is so axiomatic that if I failed to do that in an endowment, I would get hauled in front of a judge to explain myself. | |
| May 30, 2019 at 13:03 | comment | added | JBentley | @AndrewLazarus You are talking about the drafting of the initial trust deed (a one-time job), whereas the OP is referring to annual fees for acting as a trustee (an ongoing job). I agree that £50k/year is excessive though. | |
| May 30, 2019 at 13:00 | comment | added | JBentley | -1 DO NOT USE AN ACCOUNTANT AS A REPLACEMENT FOR A SOLICITOR. If using an accountant's template, at the least, get it looked over by a solicitor to confirm it meets your requirements. Trust law is complicated, and legal books written on the topic are dense and littered with case law references. A simple screw-up can for example result in the trust being collapsible by the beneficiary, or even worse, invalid. By all means use an accountant as well for the tax advice. | |
| May 30, 2019 at 9:22 | comment | added | DarcyThomas | @MartinBonner No not an American, not even from the USA. An accountant can setup a trust. Once the trust is setup (with trustees and a decent deed) and the assets transferred, there is no great need for a will. That being said there are a bunch of caveats (which a professional can advise on). Personally I wouldn't go with a financial advisor, as their commission structure wouldn't be a good fit for this senerio (less than £5M in AUM, doesn't need to be actively managed (wouldn't want actively managed! saves accusations of miss management during (normal) market downturns)) | |
| May 29, 2019 at 7:03 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 28, 2019 at 23:47 | comment | added | Andrew Lazarus | As an American, I have no idea what UK fees are, but a top-drawer trust law firm charged me less than $500/hour to set a trust up. GBP 50,000 sounds like a serious misunderstanding of the request. | |
| May 28, 2019 at 21:07 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 28, 2019 at 10:17 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 28, 2019 at 8:35 | comment | added | Stian | @MartinBonner hah. I rewrote the sentence mid comment, it was supposed to be the other way around. Mea culpa. But, to be fair when you are a partner at an accounting firm, you are not doing much accounting - you are telling others to and then signing their work afterwards =P | |
| May 28, 2019 at 8:28 | comment | added | Martin Bonner supports Monica | @StianYttervik ??? My friend who is a chartered accountant was a partner at Deloitte. There's no way she would waste her time on financial advising. | |
| May 28, 2019 at 8:20 | comment | added | Stian | @MartinBonner +1 but any financial advisor worth his salt is not going to be spending any time working as an accountant... That will be like a supply chain manager being an Uber driver. Probably not very successful at the moment... | |
| May 28, 2019 at 7:53 | comment | added | Martin Bonner supports Monica | The fact you say "$50k", and "lawyer" rather than "solicitor" makes me suspect you are American. In the UK, a financial advisor can advise how to invest the funds, but the OP absolutely will need a solicitor to draw up the will and the deed of trust. I don't think an accountant would be appropriate to do either (unless they were also a financial advisor, which some are). | |
| May 28, 2019 at 6:17 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| S May 28, 2019 at 5:33 | history | edited | DarcyThomas | CC BY-SA 4.0 |
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| May 28, 2019 at 3:31 | review | Suggested edits | |||
| S May 28, 2019 at 5:33 | |||||
| May 28, 2019 at 3:09 | history | answered | DarcyThomas | CC BY-SA 4.0 |