Setting up a Trust Price and Services Information
We want to provide you with all the information you need when considering our legal services. Our aim is to be transparent and enable you to make an informed decision when choosing a law firm.
This page contains very detailed information. If you would prefer a simple overview of our service please see Setting up a Trust ›
Asset Protection Trusts
You may be considering putting your home into an asset protection trust (or property protection trust) during your lifetime to protect your assets. Your children might suggest putting your home into a trust to protect their inheritance. This is an important decision that requires careful consideration of all the factors before you commit.
Trusts for disabled or vulnerable beneficiaries
You can create a trust for a disabled or vulnerable beneficiary – within your lifetime or in your Will. The trust can receive assets including property or legacies. Relatives can leave gifts to the trust without affecting the beneficiary's benefits.
The legal services we provide are personal and tailored to you and your specific circumstances. In addition to the prices and services listed below, we will always provide a written quote – so you’ll know the full cost before you go ahead.
If you have any queries, please contact our friendly team for no-obligation help.
01643 802 263 enquiries@rjpadgett.co.uk
Staff delivering the service
Rebecca Padgett (Managing Director) will carry out the work on your matter. Rebecca Padgett is a Solicitor and a Chartered Legal Executive. She is also a member of the Society of Estate and Trust Practitioners. Rebecca also holds the Institute of Legal Finance and Management’s diploma in Legal Professional Accounts Rules and Bookkeeping. She has over 18 years’ experience in private client work. Read Rebecca’s full profile here ›
Contents
Trust Services: Asset Protection Trusts
1) Consultation and advice if you are considering putting your home into an asset protection trust
2) Setting up an Asset Protection Trust (following our consultation and advice service)
Example Scenarios and Prices
3) Example Scenario A: Consultation and advice for someone considering putting their home into an asset protection trust
4) Example Scenario B: Advising on, and setting up, an asset protection trust
Trusts for a Disabled Beneficiary
5) Setting up a lifetime trust for a disabled/vulnerable beneficiary
Example Scenario and Price
6) Example Scenario C: Setting up a Lifetime Trust for a Disabled Beneficiary
1) Consultation and advice if you are considering putting your home into an asset protection trust
We will:
- Meet with you to discuss your objectives
- Consider your assets and the value of your estate
- Check the title to your property
- Prepare a detailed letter of advice setting out:
- the tax consequences of putting your house into trust
- the ongoing tax consequences
- how the trust will operate in practice, including:
- the administrative requirements
- what happens if you want to move in the future
- what happens if you move into a residential care home
- what happens if you require access to more money and need to sell your home
- what happens when you die
- Propose alternative strategies to putting your house into a trust during your lifetime
What is not included in this service:
- The drafting of the trust itself
- Financial advice – we may refer you to a specialist independent financial advisor
Timeframe:
1 – 2 weeks from our initial meeting.
Price:
A fixed fee of £1,000 plus VAT of £200, totalling £1,200.
We are required to verify your identity – this is an additional fee of £30 plus VAT of £6, totalling £36 a person.
Disbursements (payments to third parties):
H M Land Registry – Official Copy Entries £7.00 per copy plus VAT of £1.40, totalling £8.40 per copy.
This is to check the title to your property to ensure that there are no restrictions or issues that could prevent the transfer into a trust.
2) Setting up an Asset Protection Trust (following our consultation and advice service)
We will:
- Meet with you to decide who will be the trustees and beneficiaries of the trust and what assets will be put in the trust
- Draft a flexible life interest trust
- Provide a letter of advice explaining each clause of the trust and any tax consequences of the trust
- Organise for the trust deed to be signed and dated
- Provide you with the original trust deed and a certified copy
- Register the trust with HMRC’s Trust Registration Service
What is not included in this service:
- Transfer of ownership of trust assets into the trust
- Opening a trust bank account
- Storage of original trust documents
Timeframe:
2 – 3 weeks which includes circulation of the trust deed for signature.
Price:
A fixed fee of £2,000 plus VAT of £400, totalling £2,400.
We are required to verify the Trustees’ identities – this is an additional fee of £30 plus VAT of £6, totalling £36 a person.
Disbursements (payments to third parties):
Transfer of ownership of property into the trust. We will provide details of recommended conveyancers who will provide a quote. Estimated cost: £600 plus VAT of £120, totalling £720, to £1,000 plus VAT of £200, totalling £1,200.
Example Scenarios and Prices
Fictional scenarios created to provide examples of costs.
3) Example Scenario A
Consultation and advice for someone considering putting their home into an asset protection trust.
A person is thinking about putting their home into a trust. Their children have urged them to do this to protect their inheritance.
We have a consultation with them and fully explain the implications of putting their home into a trust. In this example the client decided not to go ahead with the creation of a trust.
Legal fees (all fixed-fee basis)
Consultation and advice on asset protection trust: £1,000 plus VAT of £200, totalling £1,200
Identification fee: 1 individual at £30 plus VAT of £6, totalling £36
Total payable to R J Padgett Limited: £1,030 plus VAT of £206, totalling £1,236
Disbursements and third-party costs
Land Registry – Official Copy Entries: £7 plus VAT of £1.40, totalling £8.40
Total disbursements and third-party costs: £7 plus VAT of £1.40, totalling £8.40
4) Example Scenario B
Advising on, and setting up, an asset protection trust.
A client wants a consultation and detailed advice about setting up an asset protection trust. After the meeting and our letter of advice, our client wishes to proceed to create the trust and put their home into the trust.
They would like us to recommend a conveyancer to handle the transfer of ownership of their house into the trust. They wish to store the original trust deed in our safe. They will open a trust bank account themselves.
Legal fees (all fixed-fee basis)
Consultation and letter of advice: £1,000 plus VAT of £200, totalling £1,200
Creation of trust and registration of trust with HMRC: £2,000 plus VAT of £400, totalling £2,400
Identification fee: 3 individuals at £30 plus VAT of £6 each, totalling £108
Document storage, one-off fee of £100 plus VAT of £20, totalling £120
Total payable to R J Padgett Limited: £3,190 plus VAT of £638, totalling £3,828
Disbursements and third-party costs
Land Registry – Official Copy Entries: £7 plus VAT of £1.40, totalling £8.40
Land Registry – Fee to alter the register: £45 no VAT, totalling £45
Conveyancing fee for transfer of property into trust – Estimated, £750 plus VAT of £150, totalling £900
Total disbursements and third-party costs: £802 plus VAT of £151.40, totalling £953.40
Trusts for a Disabled Beneficiary
Parents sometimes want to create a trust during their lifetime for a disabled child. This enables them to buy a property for the beneficiary to live in and is useful for Inheritance Tax planning. They can add further assets to the trust when they die under the terms of their Wills.
Relatives can leave gifts to the trust for a disabled beneficiary in their Wills. This won't affect the beneficiary's entitlement to benefits.
5) Setting up a lifetime trust for a disabled/vulnerable beneficiary
We will:
- Meet with you to discuss your objectives
- Consider your family circumstances as a whole
- Consider the assets in your estate
- Consider the benefits the beneficiary is in receipt of, and any particular mental impairment they may suffer from
- Provide a letter of advice setting out:
- how a disabled person’s trust works in practice
- who should be Trustees
- other Beneficiaries who could benefit from the trust
- the tax consequences of transferring assets into the trust
- the ongoing taxation of the trust
- the administrative requirements for the trust
- the Trustees’ powers
- what happens when the beneficiary dies
- Draft a letter of wishes explaining your intentions for the trust
- Draft the trust deed
- Answer any queries you may have
- Circulate the trust deed for signature and date it to complete it
- Provide advice regarding trust registration
- Provide a certified copy of the trust deed and provide you with the original
What is not included in this service:
- Inheritance Tax planning
- Transfer of ownership of trust assets into the trust
- Opening a trust bank account
- Storage of original trust documents
Timeframe:
2 – 3 weeks from initial meeting.
Price:
A fixed fee of £3,000 plus VAT of £600, totalling £3,600.
We are required to verify your identity and that of the Trustees – this is an additional fee of £30 plus VAT of £6, totalling £36 a person.
Disbursements (payments to third parties):
H M Land Registry – Official Copy Entries £7.00 per copy with VAT of £1.40, totalling £8.40 per copy.
This is to check the title to your property to ensure that there are no restrictions or issues which would prevent the transfer into a trust.
6) Example Scenario C
Setting up a Lifetime Trust for a Disabled Beneficiary.
Creation of a Lifetime Trust for a disabled beneficiary. Storage of trust documents in our safe. A property will be purchased at a later date and put into the trust.
Legal fees (all fixed-fee basis)
Creation of the trust: £3,000 plus VAT of £600, totalling £3,600
Identification fee: 3 individuals at £30 plus VAT of £6 each, totalling £108
Document storage, one-off fee of £100 plus VAT of £20, totalling £120
Total payable to R J Padgett Limited: £3,190 plus VAT of £638, totalling £3,828
Disbursements and third-party costs
Land Registry – Official Copy Entries: £7 plus VAT of £1.40, totalling £8.40
Total disbursements and third-party costs: £7 plus VAT of £1.40, totalling £8.40
Prefer a simple overview? Setting up a Trust ›