Biggest Mistake Parents Make When Setting Up a Trust Fund UK | Trust Fund Lawyer | Versus Law Solicitors (2024)

  • A Ali

    Versuslaw especially Anita Craig helped so kindly from 2018 for pia delay flight claim which was showing possible but Ms Anita Craig proved it again that versus law can do it. Thank you will use again and recommend 100percent.

  • R Nabi

    We have just completed on a buy and sell having used Versus Law for both sides of the transaction.
    Versus Law have been immense throughout, with the Conveyancer looking after our ‘purchase’ working hand in hand with his colleagues to keep us informed of how the ‘sell’ was progressing too.
    Amazing bunch of people. There should be more firms providing this high level of service.

  • B Keane

    Very professional and up to the task
    I found versus law straight forward and very helpful.

  • K Boon

    i recently completed on a property and was guided really well by Katrina and Lisa. Ive never purchased a property before so really didn’t know what was involved. It was easy and seamless no stress at all followed by a price that was so much cheaper than other quotes I’d had

  • M Rehman

    Having had my PIA flight delayed for over 5 hours.. Anita Craig of versus law solicitors was a great help. Every step was made easy for me to understand and I will definitely be recommending yourselves to family and friends.

  • J Nugent

    They made the whole process of my injury claim
    simple and straight forward, They even managed to get
    me my compensation before Christmas which I wasn’t expecting, A big thanks to Kulbinder Mehay

  • Steven P

    Excellent work, thank you.

  • Liz

    Nicola Nolan and Natalie Moylan are an excellent conveyancing team. We have used them more than once and recommend them to friends and family (who were also impressed). This time they were involved in us buying a property in Wales and kept us informed all the way through, even with covid restrictions causing problems. They are friendly, efficient and get the job done in a no-nonsense way which is what you need. They take the stress out of conveyancing for you. Very impressed and would recommend to anyone and everyone.

  • Gem

    I was selling my home which had a complicated title and versus law was recommended to me. Natalie Moylan handled my case from start to finish and I couldn’t ask for anyone better! There were no obstacles that couldn’t be overcome and in a very fast turn around too. The sale completed in no time at all. Natalie was timely, professional and friendly and an absolute pleasure to have on my side. I would strongly recommend Versus law to anyone.

  • Bonnie

    I have used the services of Nicola Nolan at Versus Law twice this year and was instantly put at ease and very impressed with the help received and the outcome achieved. Would recommend without hesitation

  • Daniel

    I called to get some documents certified, the ladies on reception were so helpful. I am very happy with the service I received and will use Versus Law again.

  • M

    Dealt with my flight claim hassle free and super quick, I was continuously updated every step of the way and overall really pleased with the outcome. A personal thank you to Anita as she couldn’t have made it easier for me and saw through any problems I had!

  • Richard

    I purchased my first home in February, and used Versus as my solicitor. I dealt with Natalie Moylan from start to finish, who was excellent throughout. The purchase ended up being delayed and resulted in a quite hectic finish, but Natalie remained calm and professional at all times, whilst providing a very high quality of work. My thanks to Natalie and her team, for making a long purchase so much easier!

  • We were selling our house (through Nick) and buying a house (through Natalie) and I can honestly say these are the best solicitors we’ve ever used (we had always used ones in London previously). They both kept us informed on a regular basis as to how things were progressing which I really valued and they were quick to respond to any queries I asked. They were professional, efficient, helpful and really nice to deal with. We were recommended Versus through local friends that have used them previously and I would definitely recommend Versus to anyone else asking me for a recommendation.
    Thanks again Natalie and Nick.

  • J Percy

    We used Nicola Nolan for our purchase/transfer of ownership. She was excellent from start to finish. We were fully informed of the process throughout and she was always friendly, approachable and very professional at all times. Would definitely recommend her at Versus Law. Thank you again

  • J Guntren

    Amazing law firm for conveyancing!! My wife and I made an offer on a house 24th September and we were moved in by 20th December. It should also be noted that we were selling my wife’s apartment at the same time (also using Versus), further complicating everything. Thanks to Natalie, everything was done in a very efficient manner and she was very understanding of our situation.

  • P Godfrey

    Many thanks to Anita and all the staff at Versuslaw, they made my flight compensation claim for delay a breeze. I would highly recommend them

  • G Ryder

    The service and advise that we received from Versuslaw was exceptional. We had numerous issues with the house that we were buying and the team at Versus law guided us through the process whilst always looking out for our best interest.They were always prompt in responding to any question that we had and would update us on a regular basis. Thanks again to Nicola, Nick and Francine

  • Mark

    Excellent, professional and friendly work from Nick, Nicola and Natalie. They were flexible and very helpful in pushing along the sale despite several hurdles. Would definitely use again in future and would recommend others do so too

  • C Keen

    Absolutely superb service from Nicola Nolan. Highly trust and recommend. Honest attention to detail.

  • V Griffith

    We would like to say a big heartfelt thank you to Saqib Kazam versuslaw
    Once he took our case in for Holiday compensation He kept us up to date with every thing explaining every step he took this was not an easy case but he got us an excellent result a kind polite very professional young man. Highly recommend

  • J Williams

    From the moment we rung Versus Law and spoke to the receptionist on the phone to the moment we completed on our first home, Versus Law were excellent. Our solicitor was Tom and not only did he keep us updated every step of the way but he was very professional, efficient, offered valuable advice and made the process of buying a house stress free. We couldn’t recommend Versus Law enough and we just wanted to say a huge thank you to Tom and the team. Joe and Kara

  • S Foster

    Sarah handled my claim quickly and efficiently. It made the whole process easy and stress free. She was very professional and kept me informed every step. I would highly recommend Versuslaw.

  • H Cooper

    We would highly recommend Versus law, especially Nick Wintrip (selling) and Nicola Nolan (buying). They both kept us up to date throughout the whole process. They were easy to get hold of and were very prompt to answer any questions/email. We would have no hesitation in recommending Versus law for conveyancing.

  • I Asaf

    Fantastic service, very helpful and kept me informed at every stage

  • M Long

    From start to finish Versus Law have been professional and helpful. Tom Reid was always available to talk to us and gave us updates regularly meaning we did not have to constantly chase up matters. We are very happy by the service and would recommend to anyone looking for a reliable solicitor.

  • Jill T

    Excellent service. I was kept informed every step of the way. Natalie Moylan and Renee Burke were a pleasure to work with. Highly professional but with a personal touch. They both went above and beyond!

  • Excellent service from start to finish from Nicola and Natalie! Super responsive to emails and all my questions as a first time single buyer. Natalie and Nicola make a great team and are so approachable. Definitely recommend them for property related legal services.

  • Frankie

    Really happy with my experience using versus law, from start to finish they put my mind at ease as I wasn’t buying a house in the normal way, it was through a family divorce and there were time scales and dead lines to meet, versus law managed to conker my mortgage and speed things up to avoid any extra costs, nicola was always there to ease my mind when I had any concerns as things do get stressful whilst purchasing a property, the ladies on the reception we also a delight and couldn’t do more to make you feel comfortable in any situation, if you are thinking of using versus law to assist you through your mortgage then look no further as these guys couldn’t have done more for me, I couldn’t have been happier with my experience

  • Matt W

    Nicola Nolan’s conveyancing service has always been excellent, I have used them several times in the last 5 years. In particular for my business I have found their relationship and understanding of Paragon Bank to be very useful. I would highly recommend.

  • Kay

    Excellent decision to go with Versus Law! Nick Wintrip handled the very stressful job of our house sale with professionalism, calmness and a good sense of humour. We did everything via email, phone and post, and he was always quick in responding and keeping me updated every step of the way. Very competitively priced too. I would highly recommend Versus Law without the slightest hesitation.

  • O Li

    Thomas Reid dealt with the sale and purchase of our properties. He was a pleasure to work with – very quick to respond to queries and very efficient in his work. As a result, the process went very smoothly with minimal delays. I would highly recommend competitively priced Versus Law and especially the professionalism of Thomas Reid.

  • Mr RS

    Natalie Moylan dealt with the sale and purchase on my behalf. The whole process was very well handled with constant updates. The first solicitors I’ve used that’s responds within to an email within an hour! Would 100% use again!!!

  • Mrs LC

    Recently dealt with Nick Wintrip at Versus law when selling my property. Found him to be professional, quick and thorough. Process went smoothly and I was well informed throughout the process. I received regular updates and all enquiries were dealt with efficiently. Nick made the whole process of selling my home stress free and a happy one! Your the best Nick – thank you again 🙂
    Will highly recommend Versus Law Solicitors. They are the best

  • Jaxx

    Would recommend Versus Law for conveyancing; Nick and Natalie we’re our team with Nick the main contact, thank you Nick and Natalie for making the conveyancing experience as stress free as possible.

  • Paula

    Great experience working with Versus Law. Excellent level of professionalism from Thomas Reid who provided clear, precise information. Highly recommended from my side. Thanks to Tom and the team.

  • D

    Fantastic experience with Natalie and her colleagues. Email updates throughout the home buying process, estimates of how long it would take to get her work completed and local knowledge which speeded up the process. 100% recommended.

  • R Napier

    Really good and really helpful got things sorted alot quicker than anticipated very cooperative

  • Wetherill

    What an outstanding team they turned my purchase around within the set time frame and very professional at all times.
    They went above and beyond reassured myself throughout the process.
    As being a first time buyer I felt this was most important I would recommend them highly.

  • Nasir

    Versus Law dealt with my house sale from start to finish in a most professional manner. A friendly, professional, competent team who get the job done within the time parameters. I highly recommend this firm.

  • Colin and Yvonne

    Absolutely brilliant service as always.
    This is the third time using Versuslaw and they never fail to impress. Natalie and Nicola are real diamonds and you really get the sense that they actually care about you.

    We actually live in London, but continued to use them for our London property because of our previous experience with them.
    Thank you guys, would highly recommend you to anyone.

  • B Man

    Excellent service!!! We are really happy with the service VersusLaw provided to us. Being first time buyer, we dint have much idea about the whole process and had lots of questions. They have given proper and clear response on time to everything we have requested. For us, one of the property got cancelled in between the process because the owner decided to not to sell that property few days after accepting our offer. Though there were searches and procedures done already for that property VersusLaw did not ask Fee for that purchase as they understood the difficult situation we were in. When we found our next property, we had no doubt whom to contact. We are really happy and totally satisfied by the service Nicola, Natalie and their team offered. We will highly recommend your service to anyone,

  • Ross Grant

    Today I have completed on the purchase of my very first apartment, and it just wouldn’t have been possible without the INCREDIBLE knowledge, guidance and GENUINE care of Nicola, Natalie, and the entire Versus Law team.

    This purchase was far from straightforward, with lots of potential pitfalls – all navigated with professionalism, patience and an impeccable attention to detail by Nicola.

    Nic went well above and beyond the call of duty to look into some extremely complex accounts and repair budgets to the apartment block in question – something I would have completely overlooked.

    As a result, with her guidance, I managed to negotiate a £2,000 reduction in asking price – something I’m sure other solicitors would have let slip through the net.

    That’s a genuine £2000 saving – a lot of money for a first-time buyer.

    You get a real sense that these guys actually CARE – they make you feel more like a friend, than a client – and don’t leave a stone unturned when it comes to conveyancing. If there is anything to uncover on a property, trust me, Nicola will find it!

    In essence, Versus Law made what could have been a rather stressful situation, easy and straightforward.

    Communications and response times were brilliant, with daily updates coming via phone and email – and I never felt rushed by anyone when I had queries.

    I honestly cannot recommend Versus Law enough.

    I’m going to pick up the keys to my apartment now – and won’t be using anyone other than these guys for all future property purchases/ sales.

    THANK YOU SO MUCH Versus Law – I’ll be raising a glass of champagne to you all at the housewarming! 🙂

  • CW

    Great service provided by Nicola and her team.
    Always communicating with updates for the completion of my property.
    Would highly recommend

  • Jackie

    I used Versus Law to buy my first house. Had no idea how it worked but I must say that the conveyancing team held my hand all the way through. On the day of completion there was a delay and they stayed in office late to ensure it went through so I wasn’t waiting over the weekend. It was an absolute pleasure to deal with Versus Law and I wouldn’t hesitate to recommend them. It was nice to speak to people who I felt cared for me and put my interests first at all times. Thank you so much for your help

  • Andy

    Versus were great to deal with when they provided the conveyancing for my house purchase. I was able to complete the process without needing to physically travel to their offices and my solicitor was always available for any questions when I was completing all the paperwork. Everyone was very friendly to speak to.

  • T Baguley

    Fantastic conveyancing service from Nicola and Natalie, they kept on top of everything from start to finish and were always available whenever we had questions. I’d be happy to recommend them to anyone.

  • David JC

    Very impressed with every aspect of Versus Law, from service they provide to the attitude of the staff. Always called back when they said they would and had a laugh with them too. Will definately use again (if I need to).

  • Mrs Morris

    I would recommend Versus Law to anyone, particularly Nick Wintrip, who looked after us extremely well. They are very efficient and communicated with us fully at all times. We were able to contact them by phone and e mail and did not need to rely on letter going back and forth. Nick is really friendly too and put us at ease throughout the end to end sales process. Thank you.

  • Tanita

    Nicola and Natalie did a wonderful job. They were friendly and patient. Answered my many many questions and got the job done very efficiently. I am highly impressed and would definitely recommend them.

Biggest Mistake Parents Make When Setting Up a Trust Fund UK | Trust Fund Lawyer | Versus Law Solicitors (2024)

FAQs

Biggest Mistake Parents Make When Setting Up a Trust Fund UK | Trust Fund Lawyer | Versus Law Solicitors? ›

Parents often make the mistake of choosing a trustee based solely on personal relationships without considering their financial acumen, integrity, and willingness to serve. Choosing one of the children is not always the best choice as other beneficiaries may see their role with suspicion.

What is the biggest mistake parents make when setting up a trust fund UK? ›

Parents often make the mistake of choosing a trustee based solely on personal relationships without considering their financial acumen, integrity, and willingness to serve. Choosing one of the children is not always the best choice as other beneficiaries may see their role with suspicion.

What are the disadvantages of setting up a trust fund? ›

What Are the Disadvantages of a Trust?
  • Loss of Control. Setting up the trust necessitates you giving up some amount of control of the assets you place within the trust. ...
  • Loss of Asset Access. ...
  • Cost. ...
  • Recordkeeping Complexity. ...
  • High Need for Competency.

What are the downsides of trusts in the UK? ›

Some drawbacks

Beneficiaries left out may feel aggrieved. Loss of control. The trustees can ignore the settlor's wishes. Trusts can be costly to set up and run.

Is it worth setting up a trust in the UK? ›

Put very simply, a trust fund is a way to help protect your assets and guarantee that your loved ones have financial stability for their future. Crucially, a trust can help to avoid hefty inheritance tax and make sure that the majority of your money, shares and equity are passed on in the most efficient way.

What is the biggest mistake parents make when setting up a trust fund near Florida? ›

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, we've seen first-hand how this critical error undermines so many parents' good intentions.

Should my parents put their assets in a trust? ›

It really depends on your needs and the needs of your family. Generally, a trust is a faster, more efficient way to get your assets to your heirs but setting up a trust is often more expensive than creating a will. Well-planned estates often utilize both trusts and wills.

Is it better to gift a house or put it in a trust? ›

If the trust is structured properly, it can have a tax advantage for your beneficiaries. Assets that have gone up in value will receive a “step-up” in basis on your death, which means your beneficiaries will pay less in capital gains taxes. Assets that are gifted do not receive a “step-up.”

What is the disadvantage of putting your house in a trust? ›

The key disadvantages of placing a house in a trust include the following: Extra paperwork: Moving property in a trust requires the house owner to transfer the asset's legal title. This involves preparing and signing an additional deed, and some people may consider this cumbersome.

Should I put my money in a trust fund? ›

Benefits of trusts

Some of the ways trusts might benefit you include: Protecting and preserving your assets. Customizing and controlling how your wealth is distributed. Minimizing federal or state taxes.

What is the downfall of a trust? ›

There are several disadvantages of trusts including their cost, complexity, and lack of protection from creditors.

What are the risks of a trust fund? ›

Disadvantages of Trust Funds
  • Costs: Setting up and maintaining a trust can be expensive.
  • Loss of Control: Some trusts mean giving up control over your assets.
  • Time and Compliance: Maintaining a trust requires time and adhering to legal requirements.
  • Tax Implications: Trusts can sometimes face higher income tax rates.

How do UK trusts avoid inheritance tax? ›

If you put things into a trust, provided certain conditions are met, they no longer belong to you. This means that when you die their value normally won't be counted when your Inheritance Tax bill is worked out. Instead, the cash, investments or property belong to the trust.

What is the average amount in a trust fund UK? ›

Though a few of the youngest children born in the last six months of the scheme could have got as little as £50 from the state. According to the latest figures from HMRC, the average balance of a CTF stands at £2,100 – but obviously you could have more or less than this.

Can I put my house in a trust in the UK? ›

In the UK, placing a house in a trust involves a legal arrangement where ownership of the property is transferred to a trust. According to UK legislation, a trust is a distinct legal entity responsible for holding assets for the benefit of others.

What is the tax loophole for trusts? ›

The trust fund loophole refers to the “stepped-up basis rule” in U.S. tax law. The rule is a tax exemption that lets you use a trust to transfer appreciated assets to the trust's beneficiaries without paying the capital gains tax. Your “basis” in an asset is the price you paid for the asset.

What is a negative of a family trust? ›

Disadvantages of Family Trusts

If you continue to treat the assets as your own, any trust could be open to challenge as a sham. Additional administration – If you establish a trust, you need to allow for the time and cost involved with meeting the trust's annual accounting and administrative requirements.

What is the trust fund syndrome? ›

"Trust fund syndrome" refers to the psychological and behavioral issues that can arise in individuals who have access to substantial unearned wealth, often from a family bank account or a trust fund set up by family members.

How complicated is it to set up a trust? ›

If you want to set up a simple trust, you may be able to do so on your own or with the help of an online service. For more complicated trusts, however, you'll want the expertise of an experienced estate planning attorney.

Why do trusts fail? ›

Reason #1. Based on our experience of more than thirty years in practicing Trust law, the most common reason Trusts fail is that they are not funded. The purpose of a Trust is to manage the assets held in it. In order for the Trust to do it's job, the assets need to be in the Trust.

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