Setting up a trust fund - estate planner or solicitor?

[Mamma172728]

Setting up trusts funds for my vulnerable child and child who were are not sure is vulnerable yet. Substantial funds need to be distributed to them.

1. Estate planner offers a discounted package with wills etc and annual reviews (I think for a fee). We don’t speak to their legal team directly but have been assured they are STEP accredited. Felt a bit uncomfortable and talked down to in calls but they were very generous with their advice initially and they do outreach. They work with the IFA we are considering using (IFA recommended them) which is a plus.

2. Solicitor was recommended by a disability charity, consultant in a law firm, seems very well regarded and STEP accredited. I liked them a lot and they were very generous with advice - it felt much more like someone who was so senior and experienced they were happy to offer advice because we needed it, rather than making a pitch for our business. Their recommendation was to do a joint discretionary trust and apply for vulnerable person elections for each child as needed and they said the tax relief would be the same. I’m confused about whether IHT relief would apply, but the solicitor said that she could set up separate trusts, one VPT and one standalone trust, if we wanted.

3. Legal firm recommended by and works with the same disability charity. They have a team solely dedicated to VPTs. They have a similar package to 1, but without ongoing reviews. I’ve not been able to speak to a solicitor directly (would need to pay fees) - the intermediary has been helpful but advice is quite limited. This would probably be the safest and most reliable option. Because of their association with the charity and their outreach they have the longest waiting time. I’m just a bit wary not being able to speak to the solicitor who would be working with us unless we spay for an initial meeting.

Any advice on which to go with? I would like to work with 2 but it is tempting to just go with a package and get everything done in one go.

Meant to add we will probably set up separate trusts, one VPT one discretionary, to be on the safe side unless we can be persuaded otherwise.

I’ve been following your other threads I think your instinct for number 2 option makes the most sense. I’m not a fan of estate planners and would question their qualifications although they use a legal team having no ability to contact them sounds like they are looking for commission. Trusts are such a legal and tax minefield the most important thing is that you are confident in who you appoint, number 1 choice is worrying they should not be talking down to you. Number 3 seems more generic. Good luck.

I was a little unsure on 2 because their advice was quite different to the others (joint discretionary trust) and goes against what at least one other solicitor said (another one who was generous with advice but is too expensive for us, and also recommended 3
because they work with them). I’m not sure if I’m misunderstanding 2 or I haven’t conveyed my question well. But they said they would do two trusts if that’s what we wanted.

I’m at the point where I don’t want to exhaust any more good will for free advice but I still have a few questions. So I think I just need to pick someone and run with it.

Also thanks for following the threads - I’ve written quite a few of them. 😂 It’s so confusing - I thought we can just listen to a professional and we’ll be fine, but there is also some disagreement between what different solicitors say!

I asked a slightly different question on another thread about inheriting money and the advice there was we needed an estate planner.

It seems like at a minimum I need a solicitor, estate planner, IFA, accountant - all to future proof finances for my children, it’s not even money for us as we have a very modest amount. Is there anyone I have missed? 😭