The Trust solution
Pryce Warner International Group points out the benefits of a Discretionary Trust, which would allow them to set up their children as Beneficiaries and outline their wishes for how the contents of the Trust should be distributed to their children. As John and Gail's requirements are very straightforward, John's two brothers are deemed sufficiently experienced to act as Trustees, along with John and Gail, and this therefore eliminates the costs of professional Trustees. On agreeing this approach, Pryce Warner International Group recommends that they invest the £60,000 into a Portfolio Bond holding selected investments, which will allow for future additional payments. John and Gail will be set up with a Portfolio Bond with their lives as lives assured. The Plan will be written subject to a Discretionary Trust.
What has been achieved?
By investing in a Choice plan and placing it in a Discretionary Trust, John and Gail can ensure that it contributes to their children as they wish it to. While still alive, funds from the plan can be used for their children if and when required and on their death the plan will pay a death benefit amount into the Trust. The information in this case study is for illustrative purposes only and should not be relied upon for decisions relating to your individual circumstances. By giving this information, Pryce Warner International Group is not providing legal or tax advice. Pryce Warner International Group l recommends that professional tax advice relating to your individual circumstances and tax position should be sought at all times.
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