Who benefits from a discretionary trust?
When you set up a Discretionary Trust, you identify a class of beneficiaries such as children and/or grandchildren who can receive capital and/or income from the trust at the discretion of the Trustees. No one beneficiary has an absolute entitlement to either income or capital.
Why is it called Mencap?
Since 1969 the Society has been commonly known by the abbreviation “Mencap” (presumably from Mentally Handicapped) and, in 2002, its full legal name was shortened to the Royal Mencap Society. In 1955, the Society opened its first project, the Orchard Dene short-stay residential home.
Does a trust fund affect benefits UK?
The beneficiary does not have an automatic entitlement to trust funds. For this reason the trust cannot impact on means tested benefits and entitlements. The Trust Company holds the assets in trust, to maintain and manage throughout the beneficiary’s life.
How much does it cost to set up a discretionary trust UK?
Typically, a bare trust holding cash will be around £1,000 plus VAT to set up. A lifetime discretionary trust or life interest trust designed to hold cash or investments will cost around £1,000 plus VAT to set up. A personal injury trust to protect the award of a successful claim will cost £1,700 plus VAT.
Are discretionary trusts a good idea?
Discretionary trusts can be very useful in a number of circumstances. They can be tailored to suit the needs of you and your family, and benefit your estate as a whole. They are valuable as a way to protect assets for beneficiaries who don’t have the ability to manage their own funds.
What is Mencap and who does it support?
We are Mencap Everything we do is about valuing and supporting people with a learning disability, and their families and carers. Our vision is a world where people with a learning disability are valued equally, listened to and included.
Should you put bank accounts in a trust?
To make sure your Beneficiaries can easily access your accounts and receive their inheritance, protect your assets by putting them in a Trust. A Trust-Based Estate Plan is the most secure way to make your last wishes known while protecting your assets and loved ones.
What is the difference between a trust and a discretionary trust?
Normal express trusts are “fixed” trusts; the property is held for a fixed number of beneficiaries, and the trustee is obliged to distribute property without any discretion over who gets what. In a discretionary trust, however, the trustee has discretion over his actions, although he is obliged to use it.
How are Mencap funded?
There are different ways to fund Mencap services. Your local authority can pay us directly, or you can pay for your own support using a personal budget. You can also pay for support using your own money, or funding from your family.
Is Mencap Trust Company a charitable trust?
No. Mencap Trust Company is a not-for-profit company. It is not a charity. The money placed in trust is for individuals, not for a charity. The exemption from inheritance tax given to charitable trusts does not apply to discretionary trusts. Would you recommend setting up a Disabled Persons Trust?
Should I include Mencap in my will or trust?
You could consider nominating Mencap as the final beneficiary of your Trust, after all other beneficiaries have passed away. After your loved one’s lifetime, any funds left in your Trust would then go towards supporting Mencap’s crucial work. Or you may prefer to include a gift to Mencap in your Will.
Why do people support Mencap?
They fund our Wills & Trusts Service, the free Planning for the Future seminars and advice that gives parents and carers crucial information to plan for the future of a loved one with a learning disability. Without the kind people who support Mencap by leaving gifts in their Wills and Trusts, many of our services just wouldn’t be able to continue.
Who is Mencap trustee Graham Graham?
He was a non-executive member of the MOD’s Defence Board from December 2011 to December 2018, and prior to joining Mencap as a trustee, he spent 31 years with PwC, and 20 years there as a partner. At PwC Graham held a number of senior leadership positions including membership of the firm’s Supervisory Board overseeing the governance of firm.