The Stress Free Guide to Setting Up a Trust Fund

If you want to protect your assets, a trust fund can provide you with the ideal solution. Setting up a trust fund for the first time can seem daunting but these top tips will help to ensure your experience is stress free.

Do I Need a Trust Fund?

Setting up a trust fund guarantees that the money you have saved goes to the nominated person after you have passed. If you thought that you had to be a millionaire to set up a trust fund, this is fortunately not the case. Anyone can set up a trust fund and if you want to pass on your hard earned savings to your friends and family when you have passed, you will be pleased to know that the process is relatively simple.

What Type of Trust Fund do I Need?

There are a number of different types of trust funds available and in order to find the right one to meet your needs, you will need to do your research. Luckily, thanks to the internet, all of the information you require is at your fingertips. You can set up a family trust fund or if you wish you can set up a charity trust fund that will donate a certain amount of money to a cause that you support after you have passed.

How Do I Choose a Provider?

If you have decided that setting up a trust fund is the right thing for you, the next step is to find a reputable provider. If you know someone else who has set up a trust fund, try and get a recommendation or failing that go online to do your own detective work. There are many companies out there but it is essential that you choose one that has a wealth of experience in this sector. Before you discuss your individual needs with a trust fund specialist, note down a list of questions to ask. For example, you might like to know how your trust fund will be managed or monitored over the years and how; if there is any way, you would get out of the agreement should you wish to. There will be different fees that apply depending on the type of trust you decide upon and you will want to know all of this information before you commit.

Seek Advice from the Professionals

Setting up a trust fund needn’t be stressful and if you talk to the right people, it can be a breeze. Get in touch with a finance expert who can offer you the advice you need to make a well informed decision. A trust fund is a way of protecting your wealth and making sure that it ends up in the right hands but if you go into opening a trust fund without the relevant knowledge you could be taking a financial risk. You can find out a wealth of information online and learn about setting up a trust fund at www.yourwealth.co.uk.